Detroit Institute of Arts

Post image for Detroit Creditor Offers Bid for Museum Art

After a pension committee last week demanded a more thorough review of the value of the Detroit Institute of Arts (DIA) collection, one of the city’s largest creditors has now lined up four investor groups willing to pay up to $2 billion for part of that collection.

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Post image for Pension Committee Subpoenas Detroit Museum for Documents

A committee representing Detroit’s 20,000 municipal retirees is demanding a more thorough review of the Detroit Institute of Arts (DIA) collection, arguing that Emergency Manager Kevyn Orr’s revised bankruptcy plan is less favorable than the original, MLive.com reported.

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Post image for Detroit Institute of Arts Commits $100M to Bailout Fund

The saga of Detroit’s bankruptcy negotiations rolls on, and the Detroit Free Press continues to have the scoop on the story. The latest: the Detroit Institute of Arts has pledged to raise $100 million over 20 years to contribute to the city’s rescue.

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Post image for Detroit Bankruptcy Judge Denies Creditors a New Appraisal of DIA

In July, when we covered Peter Schjeldahl’s since-retracted stance on selling the Detroit Institute of Arts (DIA), we noted the legal and logistical challenges of liquidating any part of the collection. Though a lot has transpired since then, there remains a lingering uncertainty about the legal standing of City of Detroit creditors vis-à-vis the DIA itself.

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Post image for Detroit Emergency Manager Continues Detroit Institute of Arts Shakedown

In a process that at this point is approaching farce, the Detroit Free Press is reporting that City of Detroit emergency manager Kevyn Orr demanded yesterday that the Detroit Institute of Arts (DIA) contribute to a city bankruptcy fund, despite the recent $680 million intervention on the DIA’s behalf by Michigan governor Rick Snyder and a consortium of nonprofit foundations.

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Post image for Following Foundations’ Lead, Michigan Governor Offers Money for Detroit

Michigan Governor Rick Snyder is proposing that the state contribute $350 million to help protect the Detroit Institute of Arts collection and Detroit’s pension funds during the settlement of the city’s bankruptcy, the Detroit News has reported.

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Post image for Foundations Offer $330M to Help Save Detroit (and Its Art)

In an unprecedented move, nine local and national foundations have pledged $330 million to help the city of Detroit settle its bankruptcy, the Detroit Free Press reported.

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Post image for Christie’s Detroit Institute of Arts Appraisal Released

The indefatigable Detroit Free Press once again has the scoop on the latest developments at the Detroit Institute of Arts, and this time it’s the release of Christie’s appraisal of the museum’s collection.

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Post image for Why Detroit’s Bankruptcy Is Good News for Its Art Museum

DETROIT — “The greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults,” wrote Alexis de Tocqueville. The US is great because it can roll up its sleeves and fix its problems. On December 3, US Bankruptcy Judge Steven Rhodes ruled that the City of Detroit was eligible for Chapter 9 bankruptcy protection.

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Post image for Detroit Creditors File in Court to Push for DIA Art Sale

In a legal filing today first reported in the Detroit Free Press, a consortium of Detroit creditors aggressively make their case for the sale of the Detroit Institute of Arts’ collection. The document, dated November 26, charges that emergency manager Kevyn Orr has been insufficiently transparent about the process by which Christie’s is evaluating the DIA’s collection.

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