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…)

Sotheby’s first auction in mainland China closed today with an impressive final sales tally of over $37 million.  The final results included a record-setting $14,725,457 final price for Zao Wou-Ki’s 1958 canvas, Abstraction.   (more…)

Architect Maya Lin and her husband, art dealer and collector Daniel Wolf, have purchased a former jail house in Yonkers, NY, with the intention of converting it into an arts space.  The 10,000 square-foot space will include place for performances, lectures, and exhibitions of the couple’s large collection of works.  “The jail offers enormous potential but the breathtaking view of the Palisades from the doorstep of the Hudson inspires a vision as unique and beautiful as the building itself,” Lin says. (more…)