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Fri December 20, 2013
DIA art appraised
DETROIT, MI (AP)-- Christie's has appraised nearly 2,800 city-owned artworks at the Detroit Institute of Arts to be worth a total of $454 million to $867 million.
The New York-based auction house spent months determining the collection's fair market value after Detroit filed for bankruptcy last summer. Its report to Detroit's state-appointed emergency manager, Kevin Orr, was released Thursday.
The city may be forced to sell off artwork to repay creditors as part of its bankruptcy. In its report, Christie's proposed five alternatives to the potential sale of its art.
The auction house valued one work, Van Gogh's "Self Portrait with Straw Hat," at between $80 million and $150 million.