Tuesday, October 01, 2013

"[T]he institute has fallen back on the worthless response selling art 'just isn’t done' in the museum world"

"But they’re not living in the museum world now. They’re living in the bankruptcy world."

Detroit News columnist Nolan Finley says the Detroit Institute "lives in a shocking state of economic denial":

"In recent days, I’ve talked to three people at the top of the decision-making in the bankruptcy process. All said, without question, that at least part of the collection will have to be — their word — 'monetized' before the bankruptcy is resolved.  The questions are how, and how much?"

He says "the business folks on the DIA board ... need to take this over and negotiate a deal" with the Emergency Manager to "deliver the $500 million or so I’m told he wants from the artwork as painlessly as possible":

"Can that money be found in the more than 60,000 DIA pieces in storage? Can leasing art deliver a cash flow? Would wealthy DIA donors buy the pieces and loan them back permanently to the museum? Could the major works be collateralized to back a bond sale?"