A coalition of the largest creditors in Detroit’s current bankruptcy has made the initial movements in court to push Detroit to sell works from the collection of the Detroit Institute of Arts.  The motion formally brings the dispute into court, which has been hinted at for several months.  “We recognize that this is a very sensitive issue,” says Derek Donnelly, managing director of Financial Guaranty Insurance Co.. “Whatever process we undertake here, we would hope would create a win-win situation — that ultimately there will be a viable DIA that will survive this process and possibly even thrive. But at the same time there needs to be a construct that addresses the fact that the DIA, or art, is not an essential asset and especially not one that is essential to the delivery of services in the city.” (more…)

Detroit’s bankruptcy filing this week has once again placed the future of the Detroit Institute of Arts collection in question, with creditors sizing up the museum’s collection of works by Caravaggio, van Gogh and more.  Despite arguments for the preservation of the collection, emergency manager Kevyn D. Orr’s spokesman, Bill Nowling claims:  “We cannot negotiate in good faith with our creditors by taking assets off the table. And all of our creditors have asked about the worth of the D.I.A. And we’ve told them that they’re welcome to find out.” (more…)