Help Us Keep Reporting. Donate to Detroit Metro Times.

Friday, December 20, 2013

What's the DIA's collection worth? We now have an idea.

Posted By on Fri, Dec 20, 2013 at 2:52 PM

Jean Siméon Chardin's "Still Life with Dead Hare" (c. 1760) could be worth between $5 and 7 million.

Earlier this week, New York-based auction house Christie's Appraisals turned in a 150-page report regarding the value of the Detroit Institute of Art's collection. The report, requested by emergency financial manager Kevyn Orr as part of Detroit's bankruptcy procedure, estimated that about 2,800 works bought with city funds could value between $454 million to $867 million, the Free Press reports. These works of art represent a mere 5% of the DIA's total collection.

U.S. Bankruptcy Judge Steven Rhodes cannot compel the sale of the art. Orr can, however. He has said previously that he expects the DIA to contribute $500 million to repaying Detroit's debts. However, some experts doubt the the art could earn that much given that this would essentially be a forced sale as well as a negative P.R. move on behalf of the buyer.

“This evaluation didn’t take place in a fair-market value situation,” Beverly Schreiber Jacobym president of BSJ Fine Art in New York told the Free Press. “It’s a liquidation.”

Below, check out an ad for the DIA from the '70s.


Tags: , , , ,

Detroit Metro Times works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Detroit and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Detroit's true free press free.

Read the Digital Print Issue

May 27, 2020

View more issues

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Best Things to Do In Detroit

© 2020 Detroit Metro Times - Contact Us

Website powered by Foundation