Detroit Institute of Arts Collection Priced at $867 Million
According to the LA Times, Christie's announced today that pieces of art from the Detroit Institute of Arts have been valued at as much as $867 million. The total includes works that were purchased by the now bankrupt city, which makes up only 5% of the 66,000 piece collection.
Detroit, which filed for bankruptcy in July, is currently 18 bilion in debt.
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The Detroit Institute of Arts (DIA), located in Midtown Detroit, Michigan, has one of the largest, most significant art collections in the United States. In 2003, the DIA ranked as the second largest municipally owned museum in the United States, with an art collection valued at more than one billion dollars. With over 100 galleries, it covers 658,000 square feet (61,130 m²); a major renovation and expansion project completed in 2007 added 58,000 square feet (5,388 m²).
The museum's first painting was donated in 1883 and its collection consists of over 65,000 works. The DIA is an encyclopedic museum: its collections span the globe from ancient Egyptian works to contemporary art. The DIA is located in Midtown Detroit's Cultural Center Historic District, about two miles (3 km) north of the downtown area, near Wayne State University. The Detroit Institute of Arts hosts major art exhibitions and also contains the 1,150-seat Detroit Film Theatre (designed by theatre architect C. Howard Crane).