The auction house Christie's put a price tag on one of Detroit's highest-profile city assets, its share of the Detroit Institute of Arts collection, stating that nearly 3,000 works controlled by the city are worth between $452 million and $866 million, Reuters reported yesterday. The finding by Christie's, hired to place a value on art treasures that could become a contested element of the Detroit bankruptcy, puts a range of value on 2,781 works owned or partially owned by the city. The holdings represent only about 5 percent of the DIA's full collection, but with the finding on Tuesday that Detroit is bankrupt under Chapter 9 of the federal bankruptcy code, it is possible the city may seek to monetize some of the artwork. Christie's said 11 pieces on display at the museum account for 75 percent of the appraised collection's total value.
http://www.reuters.com/article/2013/12/04/usas-detroit-bankruptcy-art-i…
For further analysis about what might happen with the DIA collection, ABI Resident Scholar Kara Bruce discusses the situation after yesterday’s court ruling: http://vimeo.com/80935418