DIA in mediation in city bankruptcy
DIA enters talks with federal mediators on future of Detroit artwork during city's bankruptcy
12/12/2013DETROIT— The Detroit Institute of Arts has been allowed into talks on how to protect city-owned pieces in its collection during Detroit’s bankruptcy.
The museum said Wednesday that officials have met with federal mediators and the museum is mobilizing “its considerable public support to help implement a fundraising strategy that will satisfy the city’s needs, while ensuring the well-being of the museum.”
A judge let Detroit enter bankruptcy Dec. 3.
New York auction house Christie’s says art purchased with city money is worth $450 million to $870 million.
Federal Judge Gerald Rosen is serving as chief mediator between the city and its creditors.
He’s asked foundations and others to raise $500 million to protect the museum and assist pensioners, who are expected to lose some benefits during the city’s restructuring.