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Friday, 13 June 2014 10:42

The City of Detroit and DIA Ready for Court Battle by Jointly Hiring an Art Investment Firm

Part of Diego Rivera's 'Detroit Industry Murals' at the Detroit Institute of Arts. Part of Diego Rivera's 'Detroit Industry Murals' at the Detroit Institute of Arts. Wikipedia

As legal jockeying continues in Detroit’s bankruptcy, the city and the Detroit Institute of Arts have jointly hired a New York art investment firm whose personnel could be called as expert witnesses to push back against creditors trying to force a sale of art in court.

Artvest Partners, a well-known company that advises attorneys, dealers, insurers, other art world professionals and collectors, has been engaged to provide a price range for the entire 66,000-piece collection at the city-owned DIA and assess the viability and practicality of selling art or otherwise monetizing the collection, said Bill Nowling, spokesperson for Detroit emergency manager Kevyn Orr.

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