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Christie's hired to appraise Detroit art collection
Source: Reuters
Christie's hired to appraise Detroit art collection
By Joseph Lichterman
DETROIT | Mon Aug 5, 2013 5:50pm EDT
(Reuters) - Famed auction house Christie's said on Monday it had been hired by Detroit to appraise part of the Detroit Institute of Arts' collection as the city looks for ways to pay at least $18 billion in debt and unfunded liabilities after applying for bankruptcy protection in July.
Christie's said in a statement that it would advise the city on how to realize value for the art without selling it.
"The City must know the current value of all its assets, including the city-owned collection at the DIA," Emergency Manager Kevyn Orr said in a statement on Monday. "There has never been, nor is there now, any plan to sell art."
The possible sale of art from the 60,000-piece collection has drawn criticism. The museum has said the art cannot be sold because it is held in a charitable trust for the people of Michigan, a position backed by state Attorney General Bill Schuette.
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By Joseph Lichterman
DETROIT | Mon Aug 5, 2013 5:50pm EDT
(Reuters) - Famed auction house Christie's said on Monday it had been hired by Detroit to appraise part of the Detroit Institute of Arts' collection as the city looks for ways to pay at least $18 billion in debt and unfunded liabilities after applying for bankruptcy protection in July.
Christie's said in a statement that it would advise the city on how to realize value for the art without selling it.
"The City must know the current value of all its assets, including the city-owned collection at the DIA," Emergency Manager Kevyn Orr said in a statement on Monday. "There has never been, nor is there now, any plan to sell art."
The possible sale of art from the 60,000-piece collection has drawn criticism. The museum has said the art cannot be sold because it is held in a charitable trust for the people of Michigan, a position backed by state Attorney General Bill Schuette.
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Read more: http://www.reuters.com/article/2013/08/05/us-detroit-art-idUSBRE9740V420130805