Culture - Detroit’s art sell-off: Flogging the family silver? It could be the most expensive art sale ever.
So expensive, in fact, that no-one even knows how much it could make. The multi-billion dollar collection of the Detroit Institute of Art (DIA), packed with masterpieces by Rembrandt, Picasso, Degas, van Gogh, and many other painters, as well as sculpture, furniture and ancient Greek pottery, is under real threat of ending up under the auctioneer’s hammer. Detroit Institute of Arts Deal Could Save Bankruptcy Auction. In a bankrupt city of well-documented woes like blighted houses, broken streetlights and persistent crime, few issues have galvanized residents like the possibility that the Detroit Institute of Arts could be stripped of its treasures.
That prospect became quite real late last year after Kevyn Orr, Detroit’s emergency manager, hired the auction house Christie’s to appraise the value of 1,741 city-owned paintings, sculptures, silver, furniture and drawings. Their verdict on the collection: it is worth between $421.5 million to $805 million. Detroit's bankruptcy: Revenge of the 99% WHEN the news broke Friday that the bankrupt city of Detroit had filed its “plan of adjustment” for its creditors, many reacted with shock and horror.
"A gut punch" is how AFSCME Council 25 described the cuts to their members' pensions. "Nonconfirmable" decried a committee that represents Detroit's retirees. It is not that there were any surprises, mind you. After all, many of the proposals had been hinted at and nobody doubts that the city cannot pay its debts. Detroit Institute of Arts collection worth billions, report says. The permanent collection of the Detroit Institute of Arts could be worth as much as $4.6 billion, according to a new report that also said the museum would see only a fraction of that amount if the city proceeded with its controversial plan to liquidate the prized collection.
A study published Tuesday from the New York art investment firm Artvest Partners estimated that the DIA collection is worth $2.8 billion to $4.6 billion. In reality, the collection would sell for just $1.1 billion to $1.8 billion, it said. A 2014 Detroit art retrospective. There's no doubt about it — 2014 was a dynamic year in Detroit art.
Street art was both celebrated and vilified, some galleries closed while others opened, and the city even attracted international attention as entrepreneurs from New York and Berlin eyed its ample abandoned buildings for future arts-related developments. Here's a look back at what we covered: One of the biggest commotions in art this year in Detroit was caused by developments on a story that originally broke more than four years ago, when a Packard Plant wall, apparently painted by the mysterious, internationally renowned street artist known as Banksy, was immediately snatched up by the 555 Gallery. Detroit Institute of Arts Copes With Threat of Art Selloff.