Artwork From the Detroit Institute of Art Worth Up $8.5 Billion

July 29th, 2014

Detroit Institute of Art, via Business InsiderThe New York Times reports that a Detroit creditor has ordered an appraisal of the Detroit Institute of Art‘s collection in hopes that the Institute’s works, which includes pieces by Edgar Degas, Henri Matisse, and Vincent Van Gogh, might be sold to cover the city’s debts. Although this appraisal valued the collection at up to $8.5 billion, an earlier appraisal placed the value between $2.7 billion and $4.6 billion, with the additional caution that, because of external factors like donor lawsuits and lack of demand for certain periods, actual sales will probably be around $800 million.

Read more at The New York Times