Monday, September 30, 2013

Should the DIA Start Renting a Moving Van?

Nolan Finley, of the Detroit News,
In recent days, I’ve talked to three people at the top of the decision-making in the bankruptcy process. All said, without question, that at least part of the collection will have to be — their word — “monetized” before the bankruptcy is resolved.
But he wonders how much of the DIA collection will be up for grabs. 
Christie’s, the New York auction house, is assessing the collection. If the value is pegged at $2 billion to $3 billion, the DIA likely will escape relatively unscathed. If, as expected, it comes in at $10 billion to $15 billion, the half-billion Orr wants is reasonable. But if the number is more astronomical — $25 billion or above — somebody call Roger Penske and order a moving van.
I guess this is one time when an art collector wants the value of her collection to be assessed as low as possible. But then, what are the consequences of that gesture? 


No comments: