Art Law Report

Creditors Strike Back With Report Valuing Detroit Institute of Arts Collection at $8.5 Billion

Posted by Nicholas O'Donnell on July 29, 2014 at 7:09 AM

Weeks after the city of Detroit released its valuation expert report on the value of the full collection of the Detroit Institute of Arts by Artvest Partners, creditors opposed to the city’s plan of adjustment and the “Grand Bargain” within it have released their own appraisal. Not surprisingly, it asserts a significantly higher value of roughly $8.5 billion, more than double the estimate in the city’s report. New York’s Victor Wiener Associates (VWA) has apparently compiled a 50-page appraisal on behalf of Financial Guaranty Insurance Company (the Detroit News and Detroit Free Press have received copies, none are publicly available of which I’m aware).

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Topics: Victor Wiener Associates, Detroit News, Detroit Institute of Arts, Bankruptcy, Artvest Partners, Detroit Free Press, Financial Guaranty Insurance Company, Detroit Bankruptcy, grand bargain

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