The heart of the world-class collection of the Detroit Institute of Arts would raise somewhere between $452 million and $866 million if sold to help the City of Detroit dig its way out of bankruptcy, Christie’s said Wednesday, announcing the results of a highly anticipated appraisal.
Experts from the auction house have scoured a significant portion of the collection for months now at the behest of Detroit’s emergency manager, Kevyn D. Orr, who is pushing the museum to help the city contend with more than $18 billion in debt. Some of Detroit’s largest creditors have contended in court that the museum’s collection is not an essential city asset and should be sold to help pay those who are owed money.
Christie’s Reveals Detroit Art Appraisal
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