December 4, 2013 / 3:05 PM / 4 years ago

Christie's values Detroit-owned art at $452 mln to $866 mln

DETROIT, Dec 4 (Reuters) - 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 collection.

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