Detroit's Massive Art Collection Could Be Worth $867 Million

[FarCenter]

DETROIT (AP) — The fair market values of some of the most popular pieces in the Detroit Institute of Arts — including Bruegel the Elder's "The Wedding Dance" and a Van Gogh self-portrait — have been released.

Christie's auction house appraised about 2,800 paintings, sculptures, pottery and other city-owned artwork at the city's request. The list of the items and how much each would fetch at sale were released Thursday by the city.

"The Wedding Dance" is valued at $100 million to $200 million, while Van Gogh's "Self Portrait with Straw Hat" was given a price tag of between $80 million and $150 million.



Read more: http://www.businessinsider.com/detroit-art-collection-could-be-worth-867-million-2013-12

[TexasProgresive]

1. Is Detroit to sell off its art

to private collectors and put it out of reach of the rest of us?

[MannyGoldstein]

3. Yes.

@#$^ you.

Go sell a kidney or something.

Regards,

The Predator Class

[FarCenter]

4. Currently it is out of reach of anyone who can't get to the DIA when it is hanging on the wall

They have 60 thousand + pieces, so only a small percent is on display. The rest of the collection is probably available to scholars with the right credentials.

"out of reach" is a relative thing.

[TexasProgresive]

6. When in private homes it is no longer relative but absolute.

[pa28]

14. Probably not. It's likely going to be sold to foundation that will keep it in place.

The DIA will be there but the people of Detroit will no longer own it.

[Doremus]

16. how long before the foundation changes hands/changes bylaws/disbands, etc.

A year, five?

Wait for it.

[pa28]

17. Yep. That's the problem. This is about ownership and control.

I'm sure people will say "what's the difference the art is still there and still on display".

The difference is that the public commons has been privatized. What once belonged to the people of the city can now be used as collateral by the purchasing foundations, moved, loaned out, toured or maybe broken up and sold later on.

For anybody who does not believe it can happen check out the story of the Barnes Foundation and the "transfer" of $20 Billion worth of art.

http://deyanbrashich.com/storage/Art-of-the-Heist.pdf

[gollygee]

2. And all the money would go to the rich

and none to the retired firefighters and other pensions.

[dipsydoodle]

5. I assume none has got covenants preventing sale

as a condition of being gifted by will in the first place.

[FarCenter]

7. Possibly, but many were bought by the city, not acquired as gifts.

The 1920s were a good time to buy, and Detroit was flush with automobile money.

[former9thward]

8. That in effect is a contract.

Bankruptcy wipes out all contracts.

[dipsydoodle]

9. The condition is made by the giver.

Family members could contest this particular issue.

[former9thward]

12. The condition is part of the contract.

All of the terms of the contract are voided in bankruptcy. In terms of specific duties there is no judge more powerful in the federal court system than a bankruptcy judge. I believe any family members would be wasting their time.

[Demo_Chris]

10. Nice! Hopefully they get some good money for it...

The city is desperately in need of some cash if they are going to get back up on their feet.

[Pretzel_Warrior]

19. That is a drop in the bucket.

This is the first very tangible sign the 1%ers who are Republican/Conservative ruling class won't stop until they've got it all or until someone FORCIBLY stops them.

[Demo_Chris]

20. Perhaps, but the city of Detroit NEEDS things like Fire Trucks and Ambulances...

And since there is apparently not enough tax money there to buy them, what else is there to do?

[Scuba]

11. It'll get sold to some Wall Street-connected 1 percenter for a tiny fraction of that.

[HereSince1628]

13. Yes, that seems likely for much of it.

There may be some other institutions that get into the fray, but most of it will transfer to private hands...
who if we are lucky put the works on loan to public museums

[etherealtruth]

15. I can't even bring myself to click on the article

This saddens me greatly and deeply sickens me

[Pretzel_Warrior]

18. Forcing them to sell their art woe be a travesty of all that is good

Taking away such fine art from the downtrodden city would add immense insult to already near-mortal injury.

Fucking privateers.

[brentspeak]

21. And it will be sold to the 1% for a fraction of that price. n/t