New York-based auction house Christie’s Appraisals estimates that the vast collection at the Detroit Institute of Arts is worth between $452 million and $866 million.
That appraisal, which cost the city about 0,000, is much lower than the .
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5 billion estimated by experts who spoke to the local media. But that may be because the auction house only appraised artwork purchased in full – or in part – by the city.
“Christie’s has valued only those parts of the collection that the City asked us to, and within the time frame requested,” Doug Woodham, president of Christie’s Americas, said in a release. “These city-owned works account for less than 5 percent of the DIA’s total collection of 66,000 works.”
The treasured collection features several works by Vincent van Gogh, Auguste Rodin’s “The Thinker,” paintings by Henri Matisse, Edgar Degas, Caravaggio, Rembrandt, ancient sculptures, plus enormous murals of Detroit by Diego Rivera.
The artwork is in danger because creditors want some of the work sold off so Detroit can pay back more of its long-term debt.
Philanthropic groups and others have joined state officials in demanding that the DIA’s collection be protected from bankruptcy. But that choice ultimately belongs to a bankruptcy judge, who has indicated the artwork is not off the table.
Auction house estimates value of DIA artwork between $452M-$866M added by Steve Neavling on
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Steve Neavling
Steve Neavling lives and works in Detroit as an investigative journalist. His stories have uncovered corruption, led to arrests and reforms and prompted FBI investigations.
