Don’t worry, Vinnie, it’ll be okay:
One of Detroit’s bankruptcy opponents is sending an exhaustive subpoena to the Detroit Institute of Arts, seeking all documents related to the museum’s art collection and records detailing its financial performance in a move that amplifies the tension over the DIA’s future.
Bond insurer Syncora is seeking a broad swath of documents, including century-old records detailing the museum’s transfer to city ownership and documents specifying donor restrictions on all of the museum’s 66,000 works.
Syncora and another bond insurer, Financial Guaranty Insurance Co., are waging a fight to force the City of Detroit to take steps to turn the DIA into cash to pay off creditors.
…
Last year, the city paid for a study by New York-based auction house Christie’s, which evaluated 5% of the city’s collection — those works the city purchased directly. Christie’s found that city-purchased works are worth up to $867 million, but creditors believe the entire collection is worth billions.
Judge Steven Rhodes has said he won’t necessarily allow art to be sold, but he hasn’t yet ruled against it.
I’ve taken down my daughter’s kindergarten sketch of her bedroom in anticipation of snagging an Old Master.
Heck, even a new master would do:
Come to think of it, that looks my daughter’s kindergarten sketch of her bedroom.
