Monday, August 19, 2013

What's the Value of Detroit Institute of Arts' Collection?

We'll soon find out.
Christie’s will only appraise works bought directly by the city that are unencumbered by donated funds or other covenants that cloud clear legal title, said Bill Nowling, spokesman for Detroit emergency manager Kevyn Orr. The appraisal will unfold in phases. Officials will start with the art on view before evaluating art in storage with an estimated market value of $50,000 or more and, finally, art in storage presumed to be worth less than $50,000.
Final results are due in October or November. The city is paying Christie’s a $200,000 fee. However, it appears that if there is a sale, it won't necessarily be made through Christie's.

More via The Detroit Free Press.

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