Art Market Monitor

Global Coverage ~ Unique Analysis

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

Is This the Final Piece of the Detroit Puzzle?

January 29, 2014 by Marion Maneker

The Detroit Institute of Arts 

In what may be the keystone to the entire Detroit Institute of Arts bailout, the museum itself announced its own contribution to the fund-raising plan which would transfer ownership of the museum out of the City’s hands:

DIA leaders said today that its board of directors approved a $100 million fund-raising campaign over 20 years and would look to corporate and individual donors for the money. As part of the deal, the City of Detroit would transfer legal title to the museum building, the art collection and related assets, ending nearly a century of city control and shielding the museum forever from whims of city finances and politics.

The DIA’s $100 million commitment marks a potential turning point in Detroit’s historic Chapter 9 bankruptcy, helping clear a path to a less painful and faster resolution to the bankruptcy.

DIA pledges to raise $100 million for art, Detroit pension rescue fund (Detroit Free Press)

More from Art Market Monitor

  • Auctionata Raises Another $45m In Demonstration of the Power of Live AuctionsAuctionata Raises Another $45m In Demonstration of the Power of Live Auctions
  • Art Stage Singapore ApproachesArt Stage Singapore Approaches
  • Lost Art RegainedLost Art Regained
  • Paying the Tax Man in Art WorksPaying the Tax Man in Art Works
  • A Crime of OpportunityA Crime of Opportunity
  • Weird Scenes Inside the Gold Mine: Art Basel Miami Beach 2014Weird Scenes Inside the Gold Mine: Art Basel Miami Beach 2014

Filed Under: General, Museums

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...