Estimate returned on value of Detroit's artwork - WNEM TV 5

Estimate returned on value of Detroit's artwork

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DETROIT (AP) -

Christie's auction house has completed its final report on the value of about 2,800 city-owned pieces in the Detroit Institute of Arts.

New York-based Christie's says the report was delivered Wednesday to Detroit emergency manager Kevyn Orr and that the art is valued between $454 million and $867 million, which is slightly higher than a preliminary report.

Christie's also has proposed possible ways in which the city may be able to avoid selling the art as it goes through the largest municipal bankruptcy in U.S. history.

An area philanthropist has said he will donate $5 million to help offset expected losses by city pensioners. A mediator between Detroit and its creditors has asked foundations to raise $500 million to keep the artwork from being sold.

Copyright 2013 Associated Press. All rights reserved.

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