As the final details of Detroit’s bankruptcy plan begin to take shape, bond insurer Syncora (the same group that slapped the Detroit Institute of Arts with a massive subpoena months ago) has filed a formal objection over the management of out-of-court settlements in the city’s exit from bankruptcy.  The complaint, filed this week, stated that chief mediator Gerald Rosen made several statements that he felt it was his duty to get the best possible deal for Detroit’s pensioners, rather than maintain impartial judgements in the settlements. (more…)

The long-disputed valuation of the Detroit Institute of Arts’ collection has finally been completed, with a final valuation that falls somewhere between $454 million to $867 million.  This valuation factors in a Van Gogh self-portrait valued at $150 million on its own, as well as a Bruegel the Elder painting that could sell for anywhere between $100 and $200 million.  (more…)

Emphasizing the recent vote by Michigan’s Oakland County to withdraw support for the museum if any works were to be sold, DIA Director Graham W. J. Beal has stated in the September museum newsletter that “selling any art would be tantamount to closing the museum.”  Beal continues by questioning the valuation of the museum’s assets, particularly the Tintoretto ceiling painting in its lobby.  “You may have read in the Detroit Free Pressthat an expert valued the painting at $100 million. This came as a surprise to us as, a couple of years ago, for insurance purposes, a different expert assessed the painting at $2 to $3 million.”  He writes.
(more…)