The Detroit Institute of the Arts' collection, estimated to exceed $15 billion in value, could soon be sold off at auction to the highest bidder, Bloomberg News reported yesterday. Detroit was taken over by the State of Michigan in March but has yet to declare bankruptcy in court. If the city declares bankruptcy, the state-appointed emergency manager, Kevyn Orr, can sell off its assets to repay creditors—and artworks housed in the 128-year-old museum are not exempt. The city’s debt about equals the worth of the museum’s holdings. Orr touched off a storm of criticism in the art world last week, when he asked the museum to give him an appraisal of its collection. Orr says that he has no immediate plans to auction off the valuable works of art. Meanwhile, the museum is gearing up for a legal battle. Though the Detroit Institute of the Arts is owned by the city, museum officials are arguing that the art itself is held in a “public trust” and therefore can’t be sold. Michigan Senate Majority Leader Randy Richardville recently introduced a bill that would protect the museum’s collection from being sold off during bankruptcy proceedings.
