Detroit Institute of Arts collection valued at $4.6bn
The first formal valuation of the entire city-owned collection at the Detroit Institute of Arts finds that the roughly 60,000 pieces of art are worth between $2.8 billion and $4.6 billion, Detroit Free Press reported.
However, the report by the New York art investment firm Artvest Partners said that if the collection was actually liquidated to raise cash in Detroit’s historic bankruptcy, it would likely bring far less money — between $1.1 billion and $1.8 billion.
The report, which was commissioned by the city and the DIA, reportedly promises to play a central role in next month’s bankruptcy trial that will decide the fate of the museum’s world-class collection.
The report will be a linchpin in the city’s arguments against some of its largest creditors who are pushing for a sale of art. Taken in full, the report suggests that a forced sale of art to pay municipal debt would be easier said than done and not prove nearly as lucrative as many believe.
According to the meticulously detailed 72-page expert witness report, the lower projections of $1.1 billion to $1.8 billion reflect a variety of conditions in the world’s art market, including a stagnation of prices in major sectors outside of post-war and contemporary art. It also notes a likely impact of flooding the market.
In addition, it included various discounts that would be dependent on whether the works were sold quickly over a few months or slowly over years. The certainty of legal challenges that could block art from sale and keep the case tied up in court for years are also likely to depress prices, the report said.
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