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Will Detroit's $1 Billion + Art Collection Be Sold at Bankruptcy Settlement?

Posted: Jul. 22nd, 2013  |  By DailyLuxe News

 Since the City of Detroit filed for bankruptcy, assets of the city, such as the art collection of the Detroit Institute of Arts, would be sold to satisfy creditors.  

The art collection includes masterpieces that include work by artists such as Vincent van Gogh, Henri Matisse, and Rembrandt van Rijn, NBC News reports.

City employee, Kevyn Orr, Detroit’s emergency manager, commented to the Detroit Free Press on the possibility of the art collection being sold.

"We have to look at everything on the table," he told the Detroit Free Press in May, adding that the city has a "responsibility to rationalize all the assets of the city and find out what the worth is."

Read More on cnbc.com
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