Auction house Christie’s said today that the art owned by the City of Detroit, which filed for Chapter 9 bankruptcy protection this summer, is worth up to $867 million.
The auction house just completed its appraisal of the art owned by Detroit that had been part of the Detroit Institute of Arts’ collection. According to Reuters, Christie’s told emergency manager Kevyn Orr that the collection is worth from $454 million to $867 million. That’s a bit more than the early estimate of $866 million.
The museum is currently home to 66,000 works, but the city-owned part of the collection only makes up 5 percent of that.
According to the Associated Press, Christie’s did provide Detroit with a list of ways to avoid having to sell the work. For example, one philanthropist offered $5 million, while a mediator also suggested that foundations could raise $500 million to keep the art in Detroit.
The City of Detroit filed for bankruptcy in July, marking the largest municipal bankruptcy in U.S. history. Earlier this month, a judge said that the city could proceed with Chapter 9 bankruptcy.
image: Wikimedia Commons
