Christie's auction house issues final report valuing Detroit owned DIA art at $454-$867 million

DETROIT (WXYZ) - Christie's Auction House has issued their final report on the value of art owned by the City of Detroit at the Detroit Institute of Arts.

The report sets the value of the city owned art at between $454 and $867 million. The report says that represents 5% of the DIA's estimated total collection.

It is also just a little higher than the $450 million and $870 million value that the auction house put on the city owned art in their preliminary report that was issued earlier this month .

The Christie's report also includes five possible ways the art can be used to raise money for the City of Detroit without selling it.

The DIA has issued the following statement on the report:

Four of the five alternatives outlined by Christie's have already been addressed by the DIA in some detail. In most cases, these alternatives will yield a token amount of money, while placing the collection at substantial risk. The only new idea is the "Masterpiece Trust," and it is completely untested. Further complicating the trust alternative is the lack of specifics and the lack of an economic imperative for participation. With some exceptions, museums generally loan works of art free of charge except for packing and shipping fees. How a "Masterpiece Trust" would be received in the museum community remains to be seen. The DIA remains willing to engage in further discussions and is actively supporting the plan developed by the appointed mediators Chief Judge Gerald Rosen and Eugene Driker. The museum continues to be open to all ideas for assisting in the revitalization of Detroit, provided we are able to ensure the safety of the collection we hold in public trust.

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