After Judge Rhodes of the Bankruptcy Court for the Eastern District of Michigan ruled on December 3, 2013 that the city of Detroit is eligible for Chapter 9 Bankruptcy protection, the city immediately divulged that the report commissioned by the city from Christie’s to appraise the Detroit Institute of Arts (DIA) collection was nearly finished. On the day of the eligibility ruling, Emergency Manager Kevyn Orr and Christie’s announced some tentative conclusions from the report, namely, that the 2,781 works appraised (roughly 5% of the total collection) had a value of approximately $452 million to $866 million. This was considerably lower than many had speculated.
Topics: Old Master, Mark Stryker, Chapter 9, Scheme for Decoration of Sistine Chapel Ceiling, 11 U.S.C. § 904, Impressionism, Amedeo Modigliani, Michelangelo, Judge Rhodes, Christie's, valuation, Appraisal, Modernist Art, Detroit, Eugene Driker, Detroit Institute of Arts, Bankruptcy, Gerald Rosen, Detroit Emergency Manager, Kevyn Orr, Detroit Free Press, eligibility, Detroit Bankruptcy