Auction house Christie's plans appraisal of Detroit art soon

9/6/2013

DETROIT — International auction house Christie’s says it plans to appraise some pieces of the Detroit Institute of Arts collection over the coming weeks as the city tries to place a value on its assets following the largest municipal bankruptcy filing in U.S. history.

New York-based Christie’s says city-owned items in the museum’s collection will be examined and it will “recommend ways for the city to realize value for the DIA collection without relinquishing ownership of it.” Art could be used as collateral for a loan, for example.

The Detroit Free Press and The Detroit News report officials from Christie’s and the museum met Thursday.

State-appointed emergency manager Kevyn Orr has said some city creditors have asked for the value of city-owned assets. He contracted with Christie’s to appraise some DIA pieces.