The Detroit Institute of Arts (DIA) will give pay raises and bonuses to three of its top executives in recognition for their work securing the museum’s collection during the city of Detroit’s bankruptcy negotiations.
The period between April 1932 and March 1933, when artists Diego Rivera and Frida Kahlo sojourned in Detroit, was a desperate time for the city.
Judge Steven Rhodes approved Detroit’s bankruptcy plan today, allowing the city to move out of insolvency in the coming weeks and slowly towards financial independence. Rhodes called the plan “fair and feasible,” the Detroit Free Press reports, “providing the legal authority for the city to slash more than $7 billion in unsecured liabilities and reinvest $1.4 billion over 10 years in public services and blight removal.”
A recent appraisal commissioned by Art Capital Group claims that the Detroit Institute of Arts collection is worth significantly more than previously found by both Christie’s and Artvest Partners, the two firms that had previously evaluated the collection in connection with the city of Detroit’s bankruptcy proceedings.
Detroit’s civilian and police-and-fire retirees overwhelmingly voted to approve cuts to their benefits in connection with the city’s bankruptcy “grand bargain,” the Detroit Free Press reported.
A new valuation of the 66,000-item collection at the Detroit Institute of Arts (DIA) has found it to be worth between $2.8 and $4.6 billion, the Detroit Free Press reported.
The Detroit Institute of Arts announced today that the city’s automakers will contribute $26 million to the museum’s $100 million share of a “grand bargain” fund destined to support municipal pensions.
The Detroit Institute of Arts (DIA) has turned to a judge to help keep its art on its walls and out of the hands of the city’s bankruptcy creditors. Last night, the museum filed an objection to a proposal spearheaded by Financial Guaranty Insurance Co. (FGIC) and Syncora to reevaluate the art in the museum’s collection, the Detroit Free Press reported.
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.
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.
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.
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.