Detroit is in the middle of the country’s largest municipal bankruptcy filing. It has $18 billion in debts and is looking at the city’s art collection for potential relief. There is a group that is working hard to keep Detroit from auctioning off its valuable masterpieces.
Read more from USA Today:
The city’s $18 billion bankruptcy presents numerous new questions about who gets paid when a city goes broke.
It also raises an age-old one: What’s the value of art?
The answer matters, as the city’s creditors, including pensioners and bondholders, eye masterpieces at the Detroit Institute of Arts as a possible way to recover they money they are owed. Mediators are hurrying behind the scenes to craft a rescue plan that would spare the art from the auction block by raising as much as $820 million to finance pensions. Continue reading…