Jun 06, 2014
By Michael Kramer
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.