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. The attorneys for this multinational group of creditors believe the current appraisal process “could result in an inappropriately low assessment [of the DIA collection], substantially below the market value of the Art, which is speculated to be in the billions of dollars range.” The filing further cites the recent record-breaking sale at Christie’s of Lucian Freud’s Francis Bacon triptych as “a competitive auction that was the culmination of over a month of a public, international marketing efforts.” (As we have previously argued, it is a mistake to compare the results of such individual “successes” with the proposed liquidation — partial or not — of Detroit’s collection.)
The attorneys representing the creditors, among their ranks such blue-chip international firms as Weil, Gotshal & Manges, Kirkland & Ellis, and Kramer Levin, do not mince words in their demands: “[T]here needs to be a construct that addresses the fact that the DIA, or art, is not an essential asset and especially not one that is essential to the delivery of services in the city.”
The filing in the U.S. Bankruptcy Court for the Eastern District of Michigan (Southern Division) was made jointly by the representatives of eight different city of Detroit creditors, ranging from public pensions to obscure Luxembourg-domiciled investment entities: Financial Guaranty Insurance Company; Dexia; Michigan Council 25 of the American Federation of State, County and Municipal Employees (AFSCME), AFL-CIO and Sub-Chapter 98, City of Detroit Retirees; Wilmington Trust Company; Hypotekenbank; Ambac Assurance Corporation; FMS Wertmanagement; Syncora.
The long-lost painting resurfaced at the upscale Urban Gallery in Tel Aviv, sparking the anger of Palestinians.
“Guests in love, please understand — most of the exhibits in our museum are objects ‘born’ many years ago and subject to completely different moral standards,” said the Fort Gerhard museum in a statement.
Art and photographs, publications from the 19th and 20th centuries, manuscripts, posters and more are set to cross the auction block on August 18.
This week, the Webb space telescope wows, übernovels, crappy pigeon nests, the problem with “experts,” and much more.
Four captivating examples of the artist’s photographs, taken between 1973 and 1984, will be auctioned in August as part of Swann’s fourth annual LGBTQ+ Art, Material Culture, and History sale.
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The Nevada Museum of Art in Reno welcomes guests to learn about “The Architect to the Stars” through captivating black and white photography. On view through October 2.
Is watching Jordan Peele’s latest film nothing more than an exercise in decoding his message?
Hollein will enter the position when current Met president and CEO Daniel H. Weiss steps down in July of 2023.
What do an NBA foul and a Renaissance Pietà painting share in common? A lot, actually.