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City Releases Updated Appraisal of Full Detroit Institute of Arts Collection, Tactical Questions Abound

Posted by Nicholas O'Donnell on July 10, 2014 at 9:51 AM

A report by an expert witness designated by the City of Detroit for the upcoming bankruptcy trial has been released concerning the value of the full collection of the Detroit Institute of Arts. The report puts the full collection value at $2.7 to $4.6 billion, but estimates that the price it would fetch if the collection were actually liquidated in the real world would be closer to $1.1 to $1.8 billon, and possibly as little as $850 because of the notoriety that would accompany such a sale. It also supplements an earlier appraisal performed by Christie’s of the most significant objects in the collection.

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Topics: Artvest Partners LLC, Mark Stryker, State of Michigan, Michael Plummer, Judge Rhodes, Christie's, Detroit Institute of Arts, City of Detroit, Detroit Free Press, Detroit Bankruptcy, grand bargain

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The Art Law Report provides timely updates and commentary on legal issues in the museum and visual arts communities. It is authored by Nicholas M. O'Donnell, partner in our Art & Museum Law Practice.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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