Detroit's Bankruptcy Raises Liquidation Worries for Priceless Museum Collection

Hyperallergic, by Allison Meier on May 24, 2013 With Detroit on the brink of declaring bankruptcy, all avenues to rescue the city from insolvency are being put on the table. One of these is the multi-billion dollar art collection held by the Detroit Institute of Arts Museum (DIA), a possibility which could be pushed for in a bankruptcy situation to cover some of the city’s billions in debt.

“I believe that the only reason the city would sell the collection would be to satisfy the creditors,” Annmarie Erickson, Executive Vice President and Chief Operating Officer of DIA, told Hyperallergic.

According to the Detroit Free Press: “Detroit emergency manager Kevyn Orr is considering whether the multibillion-dollar collection at the Detroit Institute of Arts should be considered city assets that potentially could be sold to cover about $15 billion in debt.” Read more