DETROIT DEAL IN THE WORKS TO SAVE THE CITY'S ART TREASURES

Jun 06, 2014

By Michael Kramer

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The Detroit Institute of Arts says it will make a “major announcement” on Monday in connection with a plan to help the city emerge from bankruptcy.

The museum says the announcement concerns the so-called “grand bargain,” which would preserve retiree pension benefits – while protecting city-owned artwork housed at the DIA.

Detroit owns about 2,800 pieces of art – valued at between $454 million and $867 million.

Some creditors want the art sold to help settle the city’s debt – but the “grand bargain” plan avoids the sale of art items.

It combines state funding with commitments from some foundations – and the museum – to bolster the city’s retirement systems and transfer the DIA’s art assets to a private non-profit organization.

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