Detroit Won't Sell Art to Fix Its Finances, Says Gov. Snyder

There is currently no plan to sell any artwork from the Detroit Institute of Arts as part of the city's Chapter 9 bankruptcy, according to Michigan Gov. Rick Snyder.
August 8, 2013

There is currently no plan to sell any artwork from the Detroit Institute of Arts as part of the city's Chapter 9 bankruptcy, according to Michigan Gov. Rick Snyder.

 
Speculation over whether the state, which currently controls the city’s finances, will sell any DIA assets has been ongoing for months. It recently escalated following Detroit Emergency Manager Kevyn Orr hiring Christie's Appraisals, Inc. to determine the value of the city-owned art collection.
 
The appraisal, according to Snyder, is part of the bankruptcy process. 
 
“No one should assume there’s a sale just because it’s being appraised,” he told MLive following a speech Wednesday at the 2013 Center for Automotive Research Management Briefing Seminars. “Essentially, part of the fiduciary responsibility of going through this process is you need to appraise the assets of the city.”
 
Orr's office has said repeatedly the emergency manager does not want to sell the art, but the collection's vulnerability has been being discussed since May when it was first revealed that the value of the museum's top masterpieces was being explored.

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