Displaying items by tag: appraisal

Graham Beal, the Director of the Detroit Institute of Arts, published a letter in the New York Times addressing the rampant rumors that have dogged the institution recently. Media outlets ran countless stories speculating about the museum’s future and that of its artworks after Detroit’s emergency manager Kevyn Orr asked for an appraisal of the D.I.A.’s collection.

In his letter, Beal specifically responded to an article published in the New York Times comparing the Detroit Institute of Arts to the shuttered Fresno Metropolitan Museum of Art and Science in California. Beal said, “True, any successful effort to liquidate D.I.A. art would precipitate a series of events likely to lead to its closing, but we are a very long way from actions that would denude its prestigious collection of its most valuable art works. We believe that a healthy D.I.A. is, in fact, a crucial component in any recovery of the city of Detroit.”

Beal’s letter can be read in its entirety at the New York Times.

While James Douthat, the recently retired president of Pennsylvania’s Lycoming College, was cleaning out a closet in his office, he uncovered a rare document signed by former president of the United States, Abraham Lincoln. The historical certificate dates back to 1863 and names the college’s founder, Benjamin Crever, a Civil War chaplain. Preserved in a black frame, the document is in good condition and Lincoln’s signature is clearly visible. Secretary of War Edwin M. Stanton also signed the document.

Douthat, who has worked at Lycoming College for 24 years, had vaguely remember hearing about the document but was shocked to find it in his own closet. While no one is sure how the certificate got misplaced, they are pleased to have it back. An early appraisal estimated the document to be worth in excess of $6,000. The piece is significant for the small college because it adds some distinction to its name. Located in central Pennsylvania, Lycoming only has about 1,400 students.

Crever was one of 500 Union hospital chaplains. He served at a military hospital in Frederick, MD between July 1862 and August 1865, a period that included the battle of Gettysburg. The document is being kept in the archives of the college’s library for the time being.

The Michigan state Senate has taken measures to protect the Detroit Institute of Arts’ (DIA) works from being sold as a means to help revive the city’s grim economy. On Tuesday, June 4, 2013, the Senate’s General Government Committee approved a bill that aims to codify the ethical standards implemented by the American Alliance of Museums, which bans institutions from selling artworks for any reason other than the enhancement of its collection.

The Senate decided to take action after Detroit’s emergency manager Kevyn Orr asked for an appraisal of the DIA’s collection. Orr was considering whether the museum’s multi-billion dollar collection could be considered an asset to Detroit, which could potentially be sold to help cover the city’s $15 billion debt. Orr’s inquiry sparked an immediate reaction and DIA hired bankruptcy lawyer Richard Levin of Cravath, Swaine & Moore to protect the collection from any possible losses.

DIA is a unique public museum as Detroit retains ownership of its building and collection while a separate nonprofit institution manages its day-to-day operations. DIA’s collection includes major works by Pieter Bruegel the Elder (1525-1569), Henri Matisse (1869-1954), and Vincent van Gogh (1853-1890). Many of these masterpieces were donated by the city’s finest collectors, some of who have put restrictions on the works stipulating what DIA or the city can do with the works.

The bill, which was approved on a 5-0 vote, will now move to the full state Senate where it will be reviewed later this week.

In a last-ditch effort to help revive Detroit’s dismal economy, emergency manager Kevyn Orr has asked for an appraisal of the Detroit Institute of Arts’ (DIA) collection. While nothing has been finalized, Orr is considering whether the museum’s multi-billion dollar collection could be considered an asset to Detroit that could potentially be sold to help cover the city’s $15 billion debt.

Orr’s inquiry sparked an immediate reaction and DIA has hired bankruptcy lawyer Richard Levin of Cravath, Swaine & Moore to advise it in troubling situations and to protect the collection from any possible losses. Orr’s spokesman, Bill Nowling, assured the public that the appraisal is not a sign that they will be selling off the collection, an act that would surely be controversial, complicated, and mired by opposition. DIA is a unique public museum as Detroit retains ownership of its building and collection while a separate nonprofit institution manages its day-to-day operations.

While Nowling is adamant that Orr is not considering selling DIA’s collection, he did say that he would consider the museum’s holdings as assets of the city, especially as Detroit might be filing for bankruptcy. DIA’s collection includes major works by Pieter Bruegel the Elder (1525-1569), Henri Matisse (1869-1954), and Vincent van Gogh (1853-1890). Many of these masterpieces were donated by the city’s finest collectors, some of who have put restrictions on the works stipulating what DIA or the city can do with the works. If Orr does decide to sell works from DIA’s collection, it will undoubtedly prohibit the institution from receiving future donations and support.

A federal judge will settle an ownership dispute over a Pierre-Auguste Renoir (1841-1919) painting that was purchased at a flea market in West Virginia for $7. The FBI is currently holding the painting until the argument is settled.

Marcia “Martha” Fuqua claims to have purchased the painting in 2009 and subsequently stored it in a trash bag until she had the work authenticated two years later. After learning that the painting was an authentic Renoir, Fuqua planned to sell the work at auction; it was expected to garner around $75,000. However, Fuqua’s plan was foiled when documents from the Baltimore Museum of Art surfaced, revealing that the painting had been stolen in 1951. It was later determined that an insurer, the Fireman’s Fund, paid a $2,500 claim on the theft; the insurer is now battling Fuqua for ownership of the painting.

Paysage bords de Seine (1879) is believed to have been painted by Renoir on the spot for his mistress. An appraiser hired by the FBI estimated the painting’s worth at approximately $22,000, considerably less than Fuqua’s appraisal as concerns regarding the painting’s ownership and possible theft have lowered its value.

U.S. District Judge Leonie Brinkema ordered Fuqua and the Fireman’s Fund to make their cases in written pleas later this month. The FBI is still investigating the case.