Wednesday, December 4, 2013

Christie's values Detroit's art collection between $452 and $866 million

Yep. That's million. Guess they don't have any Francis Bacons lying around, just a few masterpieces by Bruegel, van Gogh and Cézanne.

Today, Christie's said it has appraised some of the Detroit Institute of Arts' collection and said the works had a fair market value of $452 million to $866 million. It also suggested five alternatives to selling, which would allow the city to benefit financially while keeping the DIA collection intact.

And what are those five alternatives? Let's just say the first one is, as some say, robbing Peter to pay Paul (is that the quote?). Detroit can use the collection as collateral for loans, and given Detroit's impeccable history in paying off debts this will most likely get the vote for best solution.

File this under "Great solutions in history."

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