CHICAGO -- Detroit emergency manager Kevyn Orr has hired Christie’s Appraisals to appraise the collection of the Detroit Institute of Arts.
Orr said the request came from creditors and that the city does not plan to sell the art but that it’s a necessary part of the restructuring plan. It’s one of a series of asset appraisals the city is conducting, including of its general aviation airport, the Detroit-Windsor Tunnel, and its parking system, Orr said in a statement.
Even before the city filed for Chapter 9 bankruptcy protection on July 18, Orr sparked a storm of controversy in May when he suggested the museum’s collection could be used to pay off some of its $18 billion of debt. The collection has been valued at over $1 billion.
“The city must know the current value of all its assets, including the city-owned collection at the DIA,” Orr said in a statement. “There has never been, nor is there now, any plan to sell art. This valuation, as well as the valuation of other city assets, is an integral part of the restructuring process. It is a step the city must take to reach resolutions with its creditors and secure a viable, strong future for Detroit and its residents.”
Christie’s will also advise on “non-sale” alternatives for leveraging the museum while keeping it in the city’s ownership.
“Our goal is to preserve the value of all of the city’s assets and make sure they are rationalized in a way that value can be returned to its citizens and, in certain cases, enjoyed by the Detroit metro area’s residents for many years to come,” the emergency manager said.
Founded in 1885, the DIA’s collection spans 60,000 pieces. Works include one of the original casts of Rodin’s The Thinker, as well as pieces by Rembrandt, Caravaggio, Picasso, and Van Gogh. It also houses Diego Rivera’s mural “Detroit Industry.”
