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
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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 Emergency Manager Expects DIA Collection to Bring Revenue
Posted by
Nicholas O'Donnell on October 14, 2013 at 8:29 AM
As the controversy around the possible sale of the Detroit Institute of Arts’ collection continues to swirl, Emergency Manager Kevyn Orr has given some of his most pointed comments to date about his expectations.
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Topics: Diego Rivera, Michigan Attorney General, Judge Rhodes, Christie's, Detroit Institute of Arts, Bankruptcy, Michigan Constitution, Bill Schuette, Kevyn Orr, Detroit Bankruptcy
