DETROIT Dec 4 The Detroit Institute of Arts has
between $452 million and $866 million of artwork that is owned
or partially owned by the city, Christie's, the auction house
said on Tuesday.
This represents about 5 percent of the collection at the
museum. Detroit was declared eligible for Chapter 9 bankruptcy
restructuring on Tuesday, and it is possible that the city may
seek to monetize some of the artwork.
Christie's was retained by the city to appraise city-owned
works as part of Detroit's bankruptcy case. Christie's said 11
pieces on display in the museum account for 75 percent of the
appraised collection's total value.
A full report will be presented to Detroit Emergency Manager
Kevyn Orr and released publicly during the week of Dec. 16,
Christie's said. It also said it will propose five alternatives
to outright sale that would allow the city to monetize the