Detroit Institute of Arts

6:21 am
Thu July 10, 2014

Detroit Institute of Arts Collection Valued Between $1.1-Billion and $4.6-Billion

Lead in text: 
Wide range is reflection of uncertainty of art market
A New York art investment firm brought in to appraise the full collection at the Detroit Institute of Arts puts its total value between $1.1 billion and $4.6 billion. Artvest Partners principal Michael Plummer was hired by the DIA and the city to prepare an expert report on the museums value in response to claims by some creditors that an earlier Christies appraisal grossly undervalued the collection.
7:09 am
Tue June 17, 2014

Detroit City Council Approves Transfer of DIA Assets

Lead in text: 
Move is called important to protect works of art and pensions of Detroit city workers
The City Council Monday gave its final approval of a bankruptcy plan to transfer the assets of the Detroit Institute of Arts to an irrevocable trust in exchange for state and foundation funding to aid city pensioners.
1:36 pm
Wed May 21, 2014

State Funding to settle Detroit Bankruptcy Moves to House Floor

Lead in text: 
The state Would dedicated $195-million to Detroit and create a panel to over the city's finances
LANSING, MI -- Michigan is one step closer to consummating a " grand bargain" designed to facilitate Detroit's exit from bankruptcy, minimize pension cuts for retirees and protect prized works at the Detroit Institute of Arts.
5:03 pm
Fri May 16, 2014

Detroit Retirees Almost Agreed to Try to Force KIA Art Sale

Lead in text: 
The proposal fell apart a few months ago after the state stepped in.
Detroit retirees nearly joined with creditors last fall to try to force the sale of the Detroit Institute of Arts' masterpieces and other assets, but a pledge of millions from the state persuaded retirees to abandon the plan, according to interviews and confidential documents obtained by the Free Press.
5:24 pm
Fri April 18, 2014

Future of Detroit Art Collection Still in Question

Lead in text: 
Bondholders and other Detroit city creditors could still press for a sale of the Detroit Institute of Arts' works.
Experts said that even in the wake of tentative agreements between the city and Detroit retirees and pensioners, the bondholders and others pushing hard for a sale of art still have viable legal arguments. It's therefore too early to predict whether or not Detroit's emergency manager might still be pressured into putting DIA art back on the table, they said.