Detroit Institute of Arts Collection Valued at $4.6 Billion

July 13th, 2014

The final valuation of the Detroit Institute of Arts has topped $4.6 billion, the Wall Street Journal reports, a figure that could create notable complications for the city in bankruptcy court.  The report also notes that the immediate sales of these works does not appear to be a feasible method of raising funds.  “The report makes it abundantly clear that selling art to settle debt will not generate the kind of revenue the City’s creditors claim it will,” says Bill Nowling, spokesman for Detroit Emergency Manager Kevyn Orr.

Read more at Wall Street Journal