The city of Detroit is bankrupt and a coalition of creditors is pressuring the Detroit Institute of Art (DIA) to sell its multibillion-dollar collection. The city owns these precious works of art, and a committee has now filed a legal motion to get them to sell the art to help pay off debt. A New York insurance company advised that the DIA should sell the art to pay creditors.
The DIA, however, has argued that selling the art would mean putting the museum out of business. Chief Operating Officer, Annmarie Erickson is opposed to the any type of sale of the existing art collection. City officials also retained Christie’s, the famous New York-based auction house, in order to assess the art collection’s value.
The city of Detroit is in such a dire financial situation. It is sad that the city’s valuable art collection is now being considered as a means to pay off debt. Hopefully, the city and its creditors will find a way to settle the debt without compromising the existence of the museum.