Christie’s Appraises Detroit Art

    In a June 13, 2013 photo, The Wedding Dance by Pieter Bruegel the Elder is displayed at the Detroit Institute of Arts in Detroit. In a quest to balance the budget in cash-strapped Detroit, the city's emergency manager is proposing a controversial idea: sell the city's art.  (AP Photo/Carlos Osorio)

    Carlos Osorio/AP

    As Detroit struggled with its descent into bankruptcy, it always had at least one bright spot: its world-class Detroit Institute of Arts. Now, as the city’s emergency manager, Kevyn D. Orr, pressures the museum to contribute to helping with municipal debt, experts from Christie’s have valued the most lucrative parts of its collection at between $453 million and $866 million. Creditors have been pushing for the museum’s assets to be auctioned off, saying the collection isn’t essential. Previously, art experts valued 38 of its masterpieces at more than $2.5 billion.

    Read it at The New York Times