Detroit Institute of Arts Will Not Be Forced into a Second Valuation of its Collection

January 26th, 2014

Detroit Institute of Arts, via WSJA federal bankruptcy court judge has ruled that the Detroit Institute of Arts cannot be forced to undergo a full valuation of its collection, following pressure from city creditors for a second estimate.  The collection, valued between $452 million and $866 million, seems to have some space to maneuver moving forward, especially given judge Steven W. Rhodes’s statement that he took quite seriously the opinion of Michigan Attorney General Bill Schuette’s when he said that the “art collection of the Detroit Institute of Arts is held by the City of Detroit in charitable trust for the people of Michigan, and no piece in the collection may thus be sold, conveyed, or transferred to satisfy city debts or obligations.”

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