August 5, 2013 3:25 PM
DETROIT (CBS Detroit) Among the many questions to
come out of Detroit’s bankruptcy filing — the largest in municipal
history — is this: “What happens to the art?”
While the answer is still unclear, Christie’s Appraisals Inc., the
largest auction house in the world, confirmed Monday they were hired by
the city to appraise city owned items at the Detroit Institute of Art.
“In addition we will also assist and advise on how to realize value
for the city while leaving the art in the city’s ownership,” Christie’s
said in a press release.
The DIA has a world-renowned collection of art worth millions of
dollars, including works from Van Gogh and Whistler and the famous
“Industry Frescoes” by Diego Rivera. Thousands of creditors are
clamoring for money from the city, which owes $18 billion, as the city
navigates through a first-of-its-kind bankruptcy situation.
Emergency manager Kevyn Orr has been largely mum on the subject of
whether the city could sell art to repay creditors, except to say when
he announced that Detroit was filing for bankruptcy that Howdy Doody, the DIA-owned marionette from the original TV show, was not for sale.
Christie’s said the appraisal “is one of many steps that will be
necessary for the legal system to reach a conclusion about the best long
term solution for the citizens of Detroit.”
The firm added: “At Christie’s, we are passionate about art and
understand the importance of the contribution that institutions such as
the Detroit Institute of Arts offer to the community and the world at
large. We are proud of our long history of support to museums, including
the DIA. We want to continue to focus our efforts on being a positive
force in both the interests of the City of Detroit and its arts
community, including working with our fellow arts professionals at the
DIA and with the City to find alternatives to selling that would still
provide the City with needed revenue.
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