New Appraisal Values Detroit’s Art at Up to $4.6-Billion

A new expert evaluation of the holdings at the Detroit Institute of Arts, commissioned by the museum and city ahead of a federal bankruptcy trial next month, estimates the collection’s worth at $2.7-billion to $4.6-billion, reports The New York Times.

But the appraiser, New York art-investment firm Artvest Partners, said the collection would likely draw far less if sold—as little as $850-million—due to litigation by donors, a weak market for some types of paintings, and reduced prices if the museum’s more than 60,000 pieces flood the market.

Detroit’s creditors have called for the sale of municipally owned art as part of the city bankruptcy’s case and contend a previous appraisal by Christie’s undervalued the collection. The auction house considered only works purchased with city funds and estimated their sale value at $454-million to-$867 million. A consortium of local and national foundations has pledged $366-million to a so-called grand bargain to help pay down city liabilities while shielding the art from sale.