Detroit can keep its art afterall...

Back in July of 2013, the city of Detroit filed for Chapter 9 bankruptcy due to being in debt over $18 billion. With the city being desperate and strapped for cash, there were rumors that the art that was housed in the local museums (like those at the Detroit Institute of Arts) would soon be auctioned to make some money. The art of such world renowned artist like Van Gogh, Matisse, Whistler and Rivera was estimated to be worth millions, with the entire collection of the DIA is valued from hundreds of millions to upwards of $20 billion.

When Christie's auction house assessed the collection in December of 2013, it was discovered that the collection (based on the most important key pieces) was actually worth a maximum of $867 million. The total price tag covered the 2,800+ pieces (which is less than 5% of the institute’s total collection) that were all purchased using city funds according to Detroit’s emergency manager, Kevyn D. Orr. The city was cautioned by Gerald E. Rosen, a Federal judge who, along with others, believe that the "possibility of selling part of the city’s cultural heritage has enraged many" and believe that it would "be a betrayal and would hurt the chances of a Detroit revival."

Today, it was announced that many National and local philanthropic foundations have committed $330 million to help pay down Detroits debts thus saving the museum from having to sell off the art. Groups like Ford Foundation, the Kresge Foundation and the John S. and James L. Knight Foundation have all helped by donating money.

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Fate of Detroit's Art Hangs in the Balance...