Comment on Report: Detroit art valued at more than $4.6B

Report: Detroit art valued at more than $4.6B

DETROIT (AP) — Treasures in the Detroit Institute of Arts eyed for sale by some creditors in the city's historic bankruptcy could be worth more than $4.6 billion, but likely would fetch a quarter of that or less in a forced liquidation, according to a new report. The evaluation given this week to the DIA and the city by New York-based Artvest Partners LLC says a decline in the value of fine art in some sectors and other market forces might result in only $1.1 billion for the 60,377 pieces housed in the art museum. "An immediate liquidation of the art collection will result in selling the DIA collection at a fraction of its fair market value," according to the report. Artwork in the museum has become a key part of Detroit's bankruptcy proceedings.Read more on NewsOK.com

 

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