After Judge Rhodes of the Bankruptcy Court for the Eastern District of Michigan ruled on December 3, 2013 that the city of Detroit is eligible for Chapter 9 Bankruptcy protection, the city immediately divulged that the report commissioned by the city from Christie’s to appraise the Detroit Institute of Arts (DIA) collection was nearly finished. On the day of the eligibility ruling, Emergency Manager Kevyn Orr and Christie’s announced some tentative conclusions from the report, namely, that the 2,781 works appraised (roughly 5% of the total collection) had a value of approximately $452 million to $866 million. This was considerably lower than many had speculated.
Full Christie’s Report Issued on Detroit Institute of Arts Collection, City Holding the Cards to Push for Negotiated Grand Bargain
Posted by
Nicholas O'Donnell on December 19, 2013 at 6:15 AM
0 Comments Click here to read/write comments
Topics: Old Master, Mark Stryker, Chapter 9, Scheme for Decoration of Sistine Chapel Ceiling, 11 U.S.C. § 904, Impressionism, Amedeo Modigliani, Michelangelo, Judge Rhodes, Christie's, valuation, Appraisal, Modernist Art, Detroit, Eugene Driker, Detroit Institute of Arts, Bankruptcy, Gerald Rosen, Detroit Emergency Manager, Kevyn Orr, Detroit Free Press, eligibility, Detroit Bankruptcy
Detroit Bankruptcy Eligibility Trial Begins, Art Collection Could Hang in the Balance
Posted by
Nicholas O'Donnell on October 23, 2013 at 5:22 AM
Trial begins today in the U.S. Bankruptcy Court in Detroit over whether the city of Detroit is even eligible for the Chapter 9 bankrupcty protection it sought earlier this year. The major point of contention is whether Detroit may, under the Michigan constitution, seek bankrupcty in a way that would reduce pension payments (as it would reduce payment to all its creditors).
0 Comments Click here to read/write comments
Topics: American Alliance of Museums, Ford Bell, Detroit, Bankruptcy, Detroit In, Kevyn Orr, Detroit Free Press, Detroit Bankruptcy
