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Label: collection

Friday 17th January 2014The Drive to Save Detroit's Art Collection from Bankruptcy

While it may not be common knowledge in much of Europe, America's car manufacturing heartland is having some troubled times of late. After talks of bailouts of major car companies and successfully saving a few of them, we're finally starting to see some more complete fallout from the 2008 economic collapse that crippled much of American industry. One of the less-expected casualties from this turmoil, however, was the city of Detroit. Known unofficially as 'Motor City', Detroit was at the centre of American car manufacturing for a number of companies, and the city has been left bankrupt and desolate as jobs moved away and with them, the people. Abandoned houses are common, and the city is struggling to balance its debts.

Even fewer know that Detroit boasts a world-class art collection in the form of the Detroit Institute for Arts. As the gallery is owned and operated by the city, it has been presented by some officials as a means to help pull Detroit's economic futures out of the sinkhole they're currently mired in. The collection, is truly world class, with some of the highlights being van Gogh's 'Portrait of Postman Roulin', the famous sculptural masterwork by Rodin 'The Thinker',  'Fruit, Carafe and Glass' by Picasso as well as works by Bruegel the Elder, Cezanne, and Whistler, to name but a few.

Those who would hope to use the collection to help pay debts include insurance executives who view the works as non-essential to the mission of the city hope to gain as much as $2 billion dollars US from the sale of the best pieces, but museum officials say that initial consultations with Christie's auction house peg the collections value below that, and possibly even below $1 billion USD, as well as pointing out - rightly so - that sale of the collection wouldn't do much to solve Detroit's immediate financial problems and will eventually hinder the regrowth of the city into a vibrant metropolis.

As a compromise, city officials and the museum directors agreed to forestall the sale of the collection provided that the museum was able to fund itself and contribute money towards paying the city's pension obligations, which are a major source of debt. In January, museum officials said in a statement that they would push their fundraising capabilities to the outer limits and beyond, hoping to raise $100 million to join forces with the roughly $375 million already being contributed to the museum by a number of private institutions and fundraising groups in an effort to keep the museum doors open and the collection intact.

Posted on January 17th 2014 on 03:22am
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