Christie's values Detroit-owned art at $452 million to $866 million

[Eugene]

Source: Reuters

BY JOSEPH LICHTERMAN
DETROIT Wed Dec 4, 2013 11:37am EST

(Reuters) - 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.

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 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.

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Read more: http://www.reuters.com/article/2013/12/04/us-usas-detroit-bankruptcy-art-idUSBRE9B30NW20131204

[hollysmom]

1. bunch of republican crooks

stealing from a city that gave more than it took when it was well can not get help from the reds now.

[SleeplessinSoCal]

2. Isn't this legalized Grand Larceny?

This "bankruptcy" seems so completely wrong. Detroit is not a business. It's not a person. It's a city that had many people throughout it's existence doing great work and then some with bad managerial skills during a very down economy. This is grand larceny when they take the most valuable property and other aspects of the city to completely kill it and make some sort of Frankenstein Creature out of its remains. It's a horror show.

[longship]

3. What value is a city without fine art? nt

[Swede Atlanta]

4. This would be one of the worst crimes of the century......

if the art in the Institute are auctioned off to the highest bidder.

The art is a wonderful collection and places Detroit on a par with other cities with renown museums. It would be a real pity if these were sold off to enrich private collections or as investments by individuals.

I would like to see the possibility of placing them in trust and possibly using them as collateral for resolution of some of the outstanding debts before they are sold off.

[KamaAina]

5. One of the valuable works is a Van Gogh self-portrait

everyone should send unelected dictator Kevyn Orr a rubber ear.

[AlbertCat]

8. Would he even "get" it?

[KamaAina]

11. Someone would probably have to point it out to him

[DallasNE]

6. So, How Does Hollowing Out

Detroit's primary tourist attraction help solve the financial troubles Detroit faces. You use that as the centerpiece and build out from there. You don't tear it apart because then you have lost your building block and make it next to impossible to recover.

[AlbertCat]

10. C'mon!

It's just some art stuff. It's not like the Lions or anything.....




(just in case)

[maxsolomon]

7. Package it up in a travelling exhibition

And send it out on tour for 4-5 years. It can generate income for the city and not be permanently lost to some asshole hedge fund manager or arab sheik.

[KamaAina]

9. Thread win!

Plus, "Treasures of Detroit" would generate some worldwide publicity for the city that doesn't involve abandoned buildings or broken streetlights.

[CTyankee]

17. But the bk judge seemed to be leaning towards seeing the art spared

according to the NYT. I had some hope there.

Your idea is intriguing, but I could see it as providing the income stream to pay down DEtroit's debt, over time. The exhibit would travel only part of the year and could be billed as an art saving effort as well as for its artistic merit. That way, people buying tickets to its venues around the world could feel like they are seeing an exhibit of great art and feel good about contributing to its being saved. It could travel around the world and art lovers everywhere could feel good about being part of it.

Barring that, my other idea is that there could be a group of wealthy art lovers who could put together a fund to buy the artworks, then place them in a non-profit trust providing that they be kept for the people of Detroit, housed in the DIA.

[louis-t]

12. If it is only 5% of the full collection, I could live with it.

I thought they were going to sell the whole thing. That would be tragic. Detroit should make a deal: Sell 5% of the artwork and reinstate every, fucking pension for city workers.

Oh, and I don't think a tour would generate that much money. Security and travel expenses would eat up a ton of money.

[quadrature]

13. umm, give art to the unions to get pensions to go away?...nt

[Jesus Malverde]

14. Well isn't that special...

Vultures, and other carrion feeders circling...

[contrarian22]

15. Creditors are

asking for the art to be sold, including the unions. Even at the highest valuation it would only cover 5% of the debt. It would only help the little businesses that are facing their own BK.

[madrchsod]

16. not without a fight....

there`s a few major hurdles before anyone can bid...

http://www.eclectablog.com/2013/09/detroit-institute-of-arts-is-ready-for-the-battle-to-protect-its-art-gets-help-from-outside-groups-including-a-dragon.html

[silvershadow]

18. But what is the value of democracy? nt

[Demeter]

19. That wouldn't even be a 5% down payment

on what Wall St defrauded the city. Sue the Banksters, FIRST!

[DonCoquixote]

20. one guess where this will be

Down in Bentonville Arkansas where a certain Drunk Driver named Alice Walton thinks an art museum will hide the fact that we do her family is evil.

[warrant46]

23. That certain Drunk Driver is a true patron of the arts she will put this art on display

So that homeless children who are hungry and cold, can come and be enlightened in the beauty of the great masters of Europe <sarcasm>

[AdHocSolver]

21. If the Detroit museum art works are sold to private collectors...

...then it will be transferred to private collections and be lost to the world.

This is an egregiously bad plan that would amount to theft of an American treasure.

Let the U.S. government bail out Detroit like the tax payers bailed out the banks.

[QuestForSense]

22. Bet they get nowhere near this amount.

Those who will be bidding want everything for nothing. It makes me sick to my stomach to think about those greedy bastards already licking their slavering chops over this magnificent collection, mindless that it was assembled for the benefit of the PUBLIC.