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.
