DETROIT (AP) — Detroit may have to rely on the generosity of strangers to keep its impressive art collection that was amassed with taxpayer dollars in better times.
The bankrupt city is expected to learn this week the value of roughly 2,800 of its pieces at the Detroit Institute of Arts when New York auction house Christie's delivers its final report to Kevin Orr, the state-appointed emergency manager who runs the Motor City's finances.
Christie's, which has been poring over the collection for months, said it will include recommendations for how Detroit might make money while maintaining ownership of some of its most valuable pieces — including Degas' "Dancers in the Green Room," Pissarro's "The Path" and Renoir's "Graziella." But the city may have to sell off works many consider integral to the cultural soul of the city in order to help repay creditors, including retired public workers whose pensions could take a huge hit.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.