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A new expert appraisal of the Detroit Institute of Arts’ collection, which some creditors are demanding be sold to help pay municipal debts in the city’s bankruptcy case, has found that the works could be worth $2.7 billion to $4.6 billion.

The appraisal, commissioned by the city and the museum in advance of a federal bankruptcy trial in August, also added that such a price tag would never be attained at sale, for reasons including donor lawsuits that would delay or prevent the sale of many valuable works, weakness in the market for some kinds of paintings, and lower sale prices because of the sheer bulk that would flood into the market at once. The appraiser, Artvest Partners, an art investment firm based in New York, said that because of these factors and the notoriety of such a forced sale from a venerable public institution, the bulk of the museum’s collection might raise as little as $850 million.

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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.

Published in News
Wednesday, 21 August 2013 18:33

Artvest Partners to Transform The Spring Show NYC

Artvest Partners, which is helmed by Michael Plummer and Jeff Rabin, Christie’s former Chief Operating Officer of Financial Services and Vice President of Financial Services, respectively, will transform The Spring Show NYC for its 2014 iteration. The goal of the fair’s redesign is to better serve the global collector community that gathers in New York each year to attend the various important spring auctions. Launched in 2011 by the Art & Antique Dealers League of America and produced by The Art Fair Company, the Spring Show NYC presents art and design from antiquity to the avant-garde.

Artvest will revamp the Spring Show NYC’s look and feel as well as bring new dealers on board for the show. Clinton Howell, President of the Art & Antique Dealers League, said, “After fielding requests from leading dealers from the around the globe who were looking for a suitable venue to exhibit their best works in New York during the Impressionist & Modern auction week, we realized that we needed to reconfigure the Spring Show NYC to accommodate this demand.”

The Spring Show NYC will take place at the Park Avenue Armory from April 30, 2014 to May 4, 2014.

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