Detroit News
Emergency Manager Kevyn Orr announced Monday that he has contracted with Christie’s Appraisals, the New York-based international auction house, to appraise the collections of the Detroit Institute of Arts.
While the move doesn’t
signal a liquidation of artworks is imminent or inevitable, it is bound
to explode fears that one of the country’s most significant publicly
owned art museums is vulnerable to Detroit’s bankruptcy.
Orr
said in a statement the decision to bring in Christie’s came at the
request of creditors. He added the DIA appraisal is part of a citywide
valuation of assets and is intended to aid the restructuring process.
“The
city must know the current value of all its assets, including the
city-owned collection at the DIA,” Orr’s statement reads. “There has
never been, nor is there now, any plan to sell art. This valuation, as
well as the valuation of other city assets, is an integral part of the
restructuring process. It is a step the city must take to reach
resolutions with its creditors and secure a viable, strong future for
Detroit and its residents.”
Orr is working
with creditors to ease the city’s $18 billion debt. Many of the
nonsecured creditors have expressed concern that assets, most notably
the art collection, are being shielded while they’re being asked to take
as little as 10 cents on the dollar of what they’re owed.
The
DIA addressed the issue on its Facebook page Monday: “We continue to
believe there is no reason to value the collection as the attorney
general has made clear that the art is held in charitable trust and
cannot be sold as part of a bankruptcy proceeding. We applaud the EM’s
focus on rebuilding the City, but would point out that he undercuts that
core goal by jeopardizing Detroit’s most important cultural
institution.”
