A drop in the bucket? Christie's appraises Detroit's art

After the city of Detroit, USA, was declared bankrupt last week it hired auction house Christie’s to put a price-tag on one of the city’s highest profile assets: its share of the Detroit Institute of Arts collection. The city’s share of the collection, which amounts to 3000 works, is worth between $452 million and $866 million. Whether the works will be eventually sold is unclear as Christie’s has stated that they will propose alternative means of monetising the artwork without outright sale. (914 Words) - By Joseph Lichterman