Detroit sell off (ctd.)
December 9 2013
Picture: BG
Christie's has submitted its initial valuation of the Detroit Institute of Arts collection to the city's emregency managers. More details here. The good news is that the number of works the city could possibly sell (that is, those bought by the city directly, not gifts or DIA acquired objects) is only 5% of the museum's total collection. Still, that means some 2,781 works. And of course, some of the pictures that could be sold are big name items like the Van Gogh self-portrait. Just 11 sellable works comprise 75% of the total value of that 5%. The overall valuation is much lower than I'd expected, at $452m-$866m. In other words, creditors of Detroit, why bother?
In the meantime, a former Detroit university professor, Paul Schaap, has pledged $5m towards a recovery fund for the DIA.
