$330 Million Pledged to Save Detroit’s Art Collection

[Purveyor]

National and local philanthropic foundations have committed $330 million toward a deal that would help preserve the Detroit Institute of Arts’ renowned collection by bolstering the city’s employee pension funds, federal mediators involved in the city’s bankruptcy proceedings announced Monday.

A group including the Ford Foundation, the Kresge Foundation and the John S. and James L. Knight Foundation have pledged to pool the money, which could essentially relieve the city-owned museum of its responsibility — estimated at millions of dollars — to help Detroit pay its debts in its federal bankruptcy case. As part of the plan, which negotiators have been working on quietly for months, the museum might be removed from city ownership and put under the control of the state. But mediators stopped short of saying that an agreement had been reached with state officials or with the office of Kevyn D. Orr, Detroit’s emergency manager, who had said the museum must pay its share to help ease the city’s debt.

In a statement issued by the United States District Court for Eastern Michigan, mediators called the foundations’ agreement “an extraordinary and unprecedented effort to help resolve two very challenging sets of issues — the underfunding of Detroit’s two pension systems and the preservation” of the Detroit Institute “and its iconic art collection.”

In December, Christie’s auction house, which was hired by Mr. Orr’s office to appraise part of the collection, put price tags on many of the institute’s masterpieces. The auction house said that selling a group of some of the museum’s most valuable works would generate between $454 million and $867 million.

Mr. Orr has told the museum’s officials publicly that they must “save themselves” by finding a way to contribute money, possibly as much as $500 million, toward the city’s debt relief.

more...

http://www.nytimes.com/2014/01/14/us/300-million-pledged-to-save-detroits-art-collection.html?google_editors_picks=true&_r=0

[louis-t]

1. This is good news. Orr can kiss my

..tell him to keep his filthy hands off of our art. "the museum must pay its share"? Why? What did the museum do to run up city debt? Why aren't the banks that stuck Detroit with shitty investments asked to pay "their share"?

[frazzled]

2. Indeed, the museum's presence in the city probably has contributed more ...

to Detroit's economy than any liability it could ever "owe" the government.

(And I was thinking of changing my tag line; I think I'll keep it for a while longer.)

[pa28]

3. If control and ownership of the art remains in the public commons this is great.

If the art stays in place but control moves to a group of foundations it may not be so great.

[louis-t]

4. It would still be better than under state control

with a repig governor.

[CTyankee]

5. I have no words to express here what I feel about Kevin Orr.

I would get into trouble if I said what I feel, I am sure.

It is gratifying that these people and foundations have stepped up to preserve this treasure for the PEOPLE of Detroit! It's the goddamn PEOPLE'S museum for gods sake!

OK, somebody needs to talk me down...

[Cha]

6. Wow!