Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Detroit Spokesman: Christie’s Wants to Find Revenue Solution to Preserve Art

August 14, 2013 by Marion Maneker

The Detroit Institute of Arts

In reporting on Detroit-area’s Oakland County picking up the challenge of having Detroit Institute for Arts’ collection appraised, Reuters reveals two interesting points. The first is that the surrounding counties are fighting back against the city’s Emergency Manager. Oakland County is firing a warning shot that it will no longer fund nearly $10 million annually of DIA’s operating budget if “Detroit’s emergency manager decides to sell any of its artwork or divert funds from the museum to pay the city’s creditors.”

In response, the Emergency Manager’s spokesman, Bill Nowling, added these vague but tantalizing suggestions about how Detroit might take advantage of its art as an asset once the appraisal commissioned from Christie’s is finished:

“Christie’s wants to come to the table with alternatives that generate revenue, substantial revenue, without changing the ownership of the art,” Nowling said. “They didn’t just want to come and value the art. They wanted to come and find a solution that would preserve the art.

Detroit Area Tries to Protect World-Class Art from Bankruptcy (Reuters)

More from Art Market Monitor

  • Michigan Governor Snyder Offers $350m to Save DIA ArtMichigan Governor Snyder Offers $350m to Save DIA Art
  • Rhodes to Creditors: Get Off the Art!Rhodes to Creditors: Get Off the Art!
  • Critics Complain but Saving Detroit’s Art Has Been High Priority in Bankruptcy DebateCritics Complain but Saving Detroit’s Art Has Been High Priority in Bankruptcy Debate
  • Nine Foundations Pledge $330m to Advance Detroit Grand Bargain to Save DIA and Fill Pension GapNine Foundations Pledge $330m to Advance Detroit Grand Bargain to Save DIA and Fill Pension Gap
  • Foundations Moving Toward DIA Deal, Possibly TodayFoundations Moving Toward DIA Deal, Possibly Today
  • Detroit’s Top Ten Works as Christie’s Appraised ThemDetroit’s Top Ten Works as Christie’s Appraised Them

Filed Under: Museums Tagged With: Detroit Institute of Arts

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...