| USA TODAY | - |
A
federal judge has ruled that Detroit is eligible to enter bankruptcy -
and that leaves one of the finest art collections in the country in
limbo: Will it be sold to pay creditors, loaned out for more revenue, or
will the art remain in Detroit?
A
federal judge has ruled that Detroit is eligible to enter bankruptcy —
and that leaves one of the finest art collections in the country in
limbo: Will it be sold to pay creditors, loaned out for more revenue, or
will the art remain in Detroit?
There is significant pressure on the Detroit Institute of Arts to sell its paintings and sculptures. The museum's galleries includes masterpieces by Van Gogh, Diego Rivera, and James MacNeil Whistler. Selling the art could amount to hundred of millions of dollars and total estimates have ranged from $2.5 billion to $20 billion. Christie's auction house has been hired by the city to appraise the collection, and the estimate will likely be out in mid-December. A coalition of the city's creditors filed a motion last week asking the judge to appoint a committee to oversee an independent appraisal of the art collection.
Yet Judge Steven Rhodes mentioned the museum when he urged the city to take caution when deciding what assets to sell. He said the city must make sure that any assets up for sale are "truly unnecessary in carrying out" the city's mission.
Which begs the question: What is the ultimate value of the art to the city of Detroit?
Nothing like this has ever happened to a fine art museum as large as the Detroit Institute of Arts. Museum officials are prepared to defend the collection in court, and worry that if any art pieces are sold, the museum will have to be liquidated.
What do you think? Should the art be sold or remain in the city of Detroit? Tweet using #USANOW. I'll retweet from @shannonraegreen.
There is significant pressure on the Detroit Institute of Arts to sell its paintings and sculptures. The museum's galleries includes masterpieces by Van Gogh, Diego Rivera, and James MacNeil Whistler. Selling the art could amount to hundred of millions of dollars and total estimates have ranged from $2.5 billion to $20 billion. Christie's auction house has been hired by the city to appraise the collection, and the estimate will likely be out in mid-December. A coalition of the city's creditors filed a motion last week asking the judge to appoint a committee to oversee an independent appraisal of the art collection.
Yet Judge Steven Rhodes mentioned the museum when he urged the city to take caution when deciding what assets to sell. He said the city must make sure that any assets up for sale are "truly unnecessary in carrying out" the city's mission.
Which begs the question: What is the ultimate value of the art to the city of Detroit?
Nothing like this has ever happened to a fine art museum as large as the Detroit Institute of Arts. Museum officials are prepared to defend the collection in court, and worry that if any art pieces are sold, the museum will have to be liquidated.
What do you think? Should the art be sold or remain in the city of Detroit? Tweet using #USANOW. I'll retweet from @shannonraegreen.
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