Falling into a debt of $18 billion, the city of Detroit has set their focus on the Detroit Institute of Arts as an opportunity to help climb their way out of the deficit. With Christie’s valuing the collection between $452 million and $866 million, the city believes selling off the art will give them a boost toward the relief they are desperately seeking.
Several people believe that auctioning off the cities treasured art collection to private collectors is not an option. Now, quite a few private foundations along with many individuals have offered a total of $330 million to the city in order to keep the art at the museum.
The offer has not been accepted or rejected yet, but many are hoping that the $330 million towards paying off the cities debt will be enough to convince officials to keep the works in their home, the Detroit Institute of Art.
According to an article posted on the NonProfitTimes, 130 individuals have contributed to the offering along with 9 foundations inlcluding, the Ford Foundation, Kresge Foundation, John S. and James L. Knight Foundation and the Community Foundation for Southeast Michigan, the William Davidson Foundation, Fred A. and Barbara M. Erb Family Foundation, Hudson-Webber Foundation, McGregor Fund and Charles Stewart Mott Foundation.
No comments yet.