A federal bankruptcy court judge has ruled that the Detroit Institute of Arts cannot be forced to undergo a full valuation of its collection, following pressure from city creditors for a second estimate.  The collection, valued between $452 million and $866 million, seems to have some space to maneuver moving forward, especially given judge Steven W. Rhodes’s statement that he took quite seriously the opinion of Michigan Attorney General Bill Schuette’s when he said that the “art collection of the Detroit Institute of Arts is held by the City of Detroit in charitable trust for the people of Michigan, and no piece in the collection may thus be sold, conveyed, or transferred to satisfy city debts or obligations.”

Read more at Washington Post

This entry was posted on Sunday, January 26th, 2014 at 11:07 am and is filed under Art News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.