The Diego Rivera mural at the Detroit Institute of Arts. Photograph: Joshua Lott/REUTERS |
Wednesday 9 July 2014
Detroit Museum Art Sale Would Raise Less Than Half of Collection's Value
Posted on 17:27 by tripal h
THE GUARDIAN
MICHIGAN---The Detroit Institute of Arts collection may be worth as much as $4.6bn, but a sale of art works would raise less than $2bn to pay the bankrupt city's creditors, according to a report released on Wednesday. Some of Detroit's hold-out creditors have been pushing the city to sell or monetize art works to increase settlement payments in the city's plan to adjust $18bn of debt and exit the biggest municipal bankruptcy in US history. [link]
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