Since reports last month that a grand bargain had been struck to provide an infusion of cash to the Detroit bankruptcy in exchange for conveying the artwork at the Detroit Institute of Arts back to the museum itself, it has been largely accepted that the deal would succeed. The deal would contribute $366 million from… Continue Reading
Tag Archives: Detroit Institute of Arts
Bankruptcy Court Denies Creditors’ Motion to Reappraise Detroit Institute of Arts Collection
Posted in Detroit BankruptcyAs we predicted when it was filed, Judge Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan denied today several creditors’ motion to appoint an independent commission to appraise the collection of the Detroit Institute of Arts (owned by the city of Detroit) as part of the city’s ongoing bankruptcy. The creditors’… Continue Reading
Foundations Pledge $330 Million to Keep Detroit Institute of Arts Collection Safe from Liquidation
Posted in Detroit BankruptcyDetroit Emergency Manager Kevyn Orr’s plan to monetize the collection of the Detroit Institute of Arts, whether by sale or otherwise, took a large step towards realization today when at least nine local and national foundations pledged up to $330 million to Detroit to keep the collection of the Detroit Institute of Arts safe from… Continue Reading
Hearing Set On Creditors’ Motion to Force an Appraisal Committee for the Detroit Institute of Arts Collection
Posted in Appraisal, Detroit BankruptcyFollowing on yesterday’s release of the full report and recommendations by Christie’s with regard to the collection of the Detroit Institute of Arts, the Bankruptcy Court has set a hearing on the creditors’ earlier motion to force appraisal of additional works of art. The creditors’ motion will be heard January 22, 2014 at 10:00 a.m.
Full Christie’s Report Issued on Detroit Institute of Arts Collection, City Holding the Cards to Push for Negotiated Grand Bargain
Posted in Appraisal, Detroit BankruptcyAfter Judge Rhodes of the Bankruptcy Court for the Eastern District of Michigan ruled on December 3, 2013 that the city of Detroit is eligible for Chapter 9 Bankruptcy protection, the city immediately divulged that the report commissioned by the city from Christie’s to appraise the Detroit Institute of Arts (DIA) collection was nearly finished. … Continue Reading
Post Eligibility Ruling, Kevyn Orr Reiterates Expectation That DIA will Contribute Revenue to City’s Financial Plan
Posted in Detroit BankruptcyJust after the Bankruptcy Court held that Detroit is indeed eligible for Chapter 9 bankruptcy, Emergency Manager Kevyn Orr reiterated that he expects the Detroit Institute of Arts to contribute financially to the city’s plan to emerge from insolvency. Said Orr, “We’d like to find a way to monetize the DIA.” Adding complexity to an… Continue Reading
Detroit Institute of Arts Responds Swiftly to Detroit Bankruptcy Eligibility Ruling
Posted in Detroit BankruptcyThe Detroit Institute of Arts was ready: the museum released a statement immediately after the Bankruptcy Court’s ruling today that Detroit is eligible for Chapter 9 Bankruptcy (in which specific reference to the DIA collection was made). As we expected, DIA took aim at last week’s creditors, and make clear its vehement objection to the capitalization… Continue Reading
Detroit Bankruptcy Will Proceed, Judge’s Comments about Detroit Institute of Arts Could Affect Involvement or Sale of Artwork
Posted in Detroit BankruptcyThe Hon. Steven W. Rhodes of the U.S. District Court for the Eastern District of Michigan has ruled that Detroit may proceed with its Chapter 9 bankruptcy. Judge Rhodes explained his ruling for over an hour from the bench, finding Chapter 9 itself to be constitutional, and addressing other challenges including the requirements of Michigan… Continue Reading
Detroit Creditors Press Bankruptcy Court for Action on Sale of Detroit Institute of Arts Collection, Motion Likely Premature and Unfounded
Posted in Detroit BankruptcyMajor creditors of the city of Detroit filed a request in the bankruptcy proceeding to hasten the process of evaluating the value of the collection of the Detroit Institute of Arts. The motion raises a few questions, but fundamentally it is off-base: in a municipal bankruptcy the creditors are never going to be able to force… Continue Reading
Detroit Emergency Manager Expects DIA Collection to Bring Revenue
Posted in Bankruptcy, Detroit BankruptcyAs the controversy around the possible sale of the Detroit Institute of Arts’ collection continues to swirl, Emergency Manager Kevyn Orr has given some of his most pointed comments to date about his expectations. To recap, the DIA collection is owned by the city of Detroit, now in bankruptcy. The question has thus arisen about… Continue Reading
“Selling the Museum’s Collection: Is Deaccessioning Ever Appropriate?” at Columbia October 28, 2013
Posted in Deaccession, EventsA reminder that two weeks from Monday, I will join a panel discusion at Columbia Law School entited “Selling the Museum’s Collection: Is Deaccessioning Ever Appropriate?“ From the event description: “The Kernochan Center for Law, Media and the Arts is proud to welcome Roberta Smith, New York Times art critic, and Nicholas O’Donnell, author of… Continue Reading
Salon Piece Confirms Primacy of State Law in Detroit Bankruptcy Dispute
Posted in Bankruptcy, Collections, Detroit BankruptcyProfessor Adam J. Levitin of Georgetown has an excellent piece in Salon this week that adds to what I like to call the sober group of discussions about the Detroit Institute of Art collection in the context of the City of Detroit Bankruptcy. From a learned perspective, Professor Levitin echoes some of the themes we’ve… Continue Reading
City of Detroit Hires Christie’s to Appraise Detroit Institute of Arts Collection
Posted in Collections, Detroit Bankruptcy, MuseumsIn connection with the Detroit bankruptcy, auction house Christie’s announced on Monday that it has been hired to “assist and advise on how to realize value for the city while leaving the art in the city’s ownership.” According to the Christie’s press release, the auction house was hired by the City of Detroit itself, which has… Continue Reading
Detroit Institute of Arts Deaccessioning: Municipal Bankruptcy, Existing and Proposed Changes to Michigan Law Affect Debate
Posted in Bankruptcy, Collections, Deaccession, Legislation, MuseumsAn important qualifier to the discussion about deaccessioning and the Detroit Institute of Arts is that although DIA is a subdivision of the bankruptcy debtor (Detroit), that debtor is not any old commercial entity. Rather, Detroit is a municipality, and municipal and state debtors are governed by slightly different rules than private parties. The underlying… Continue Reading
Detroit Institute of Arts and Motor City Bankruptcy: Deaccessioning Fact and Fiction, Hope and Reality
Posted in Collections, DeaccessionThe recent filing by the City of Detroit for bankruptcy—the largest such municipal filing in history—has brought with it an unexpected art law twist. Namely: to what extent can, or should the collection of the Detroit Institute of Arts be used to satisfy the city’s creditors. As one might expect, the differences between what the… Continue Reading
Stay Connected
Subscribe via RSS
Join Me on Facebook
View My Linkedin Profile
Follow Me on Twitter