Detroit Creditor Seeks Reams of Museum’s Art Records

A major creditor in Detroit’s bankruptcy case is sending the Detroit Institute of Arts a wide-ranging subpoena seeking documents on the museum’s finances, membership, and entire 66,000-piece collection, reports the Detroit Free Press.

Bond insurer Syncora wants Detroit to monetize the institute’s holdings to help pay off billions of dollars in debts and pension liabilities. Among other items, Syncora is seeking the museum’s tax and attendance figures, complete past and present membership lists, documents on the donation of the institute to the city in 1919, and all ownership, appraisal, and insurance records related to its art.

Earlier this year Christie’s appraised the 5 percent of the museum’s art that was purchased with municipal funds at up to $867-million, but creditors contend the entire collection is worth billions. The institute, state leaders, and several major foundations are backing an $815-million plan to preserve the art while reducing cuts in Detroit workers’ pensions.