Hope for Detroit?
June 5 2014
The Art Newspaper reports that the Detroit Institute of Arts (DIA), which had been threatened with mass deaccessions as part of Detroit's bankruptcy, is inching closer to safety. The deal centres around a $810m 'grand bargain', which will see the entirety of the DIA's collections and assets transferred permanently to the DIA itself. At the moment, much of the collection belongs to the broke city, which is why it is under threat from creditors. A major step to safety was taken earlier this week when the Michigan state legislature granted $350m towards the plan. The museum has agreed to raise $100m itself. More details here.
Update - Detroit's car makers have pledged $26m to the DIA's $100m goal.
