Report: Detroit Art Valued At More Than $4.6b

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Wed, 07/09/2014 - 3:09pm

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

Topics: detroit ap treasures detroit institute arts new york-based artvest partners llc artwork newsok dia report bankruptcy billion city market result liquidation collection museum

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Report: Detroit Art Valued At More Than $4.6b

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