Report: Detroit-bought art worth as much as $870M - WNEM TV 5

Report: Detroit-bought art worth as much as $870M

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Photo courtesy of Christie's Auction House-New York Photo courtesy of Christie's Auction House-New York
DETROIT, MI (AP) -

New York auction house Christie's estimates the fair market value of city-bought works at the Detroit Institute of Arts to be between roughly $450 million and $870 million.

Christie's disclosed the estimate Wednesday in a release announcing it submitted a preliminary report to Detroit's state-appointed emergency manager, Kevyn Orr. The auction house says the included art represents about five percent of the museum's total collection of about 66,000 works.

Christie's has been conducting an appraisal for the city. A judge Tuesday ruled Detroit is eligible to fix its finances in bankruptcy, and some creditors seek a role in determining whether art could be used to raise money.

The auction house says it's recommending alternatives to selling the art that could generate value in a full report later this month.

Copyright 2013 Associated Press. All rights reserved.

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