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Detroit's creditors want entire art museum collection to be fair game
Detroit's creditors want entire art museum collection to be fair game

Creditors in Detroit’s municipal bankruptcy have engineered a new appraisal aimed at putting the Detroit Institute of Arts' entire collection in play as a possible chip to maximize the amount the city will be obligated to ante up for debt repayment. The Detroit News reports that, at some creditors’ behest, the city’s bankruptcy managers have begun trying to place a value on the museum’s entire 66,000-piece collection. That’s quite an escalation from a previous appraisal of only about 1,700 works that the DIA had bought with city funds. The idea behind the more limited appraisal was that there would be fewer legal barriers to selling off art that was...

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