DETROIT (WJBK) -
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Bill Nowling, a spokesman for state-appointed emergency manager says Kevyn Orr, says Orr is considering whether the collection should be considered city assets that could be sold to cover Detroit's long-term debt. The debt is estimated at more than $14 billion.
Click the video player to hear what Detroit citizens have to say about the idea.
"As Kevyn Orr has said many times, he is considering many different options to help rectify Detroit's fiscal crisis," said Nowling. "What I can say is that there is no formal plan on the table to sell any Detroit asset, the DIA or otherwise.
The museum says it's hired a bankruptcy attorney to suggest ways to protect the collection from possible losses. In a statement, the DIA says it "and the city hold the museum's art collection in trust for the public" and that "the city cannot sell art to generate funds for any purpose other than to enhance the collection."
So how much is the museum's collection worth? According to a report from Crain's Detroit Business, a city report from 2004, when the DIA was still a city department, valued the collection at more than $1 billion.
The city owns the Detroit Institute of Arts' building and collection, while daily operations are overseen by a nonprofit. The scope of Orr's power as an emergency manager to sell the collection or any other major assets, such as the city's water department, likely would be tested in court.
"I am not shocked by anything that occurs in this city lately," said Annmarie Erickson, Executive Vice President at the DIA. "I think all of us are a little battle worn over what has been happening in the city of Detroit."
Read more: http://www.myfoxdetroit.com/story/22...#ixzz2UGncy0pS
I would think this would be a given.