Christie's values Detroit art at up to $867 million

Wed Dec 18, 2013 12:58pm EST

Dec 18 (Reuters) - The value of the collection at the Detroit Institute of Arts falls within a range from $454 million up to $867 million, auction house Christie's said in its final report to the city's state-appointed emergency manager Kevyn Orr.

The appraisal only covered works owned by the city of Detroit, which account for only around 5 percent of the museum's 66,000 works. The appraisal is marginally above a preliminary estimate from Christie's, which gave a maximum value of $866 million to the works owned by the city.

Emergency manager Orr filed for Chapter 9 bankruptcy protection for Detroit in July and is seeking ways to pay off creditors and fund basic services once the city emerges from bankruptcy.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.