The New York Times reports:
As Detroit files for bankruptcy — the largest American city ever to do so — the impressive collection of the Detroit Institute of Arts has become a political bargaining chip in a fight that could drag on for years between the city and its army of creditors, who have said in no uncertain terms that the artworks must be considered a salable asset.
There's more:
Unlike most art museums around the country, which are owned by nonprofit corporations that hold a collection in trust for citizens, the institute is owned by Detroit, as is much of its collection — which is not particularly deep but includes gems by artists like Bruegel, Caravaggio, Rembrandt and van Gogh. It is considered among the top 10 encyclopedic museums in the country.
Museums do not generally appraise the market value of their works beyond a blanket amount for insurance policies. But experts have speculated that the institute’s works could bring more than $2 billion if sold.
Couldn't happen to a nicer bunch!
