Detroit Institute of Arts Update

Fellow appraiser Judith Vance sent me this interesting article from the Detroit Free Press on the Christie's appraisal of the DIA.  The article gives some insight into the development of the appraisal by Christie's with such items as which works to be included as well as starting with the ones on view in the permanat collection befor moving to those in storage.  Keep in mind we are talking about 3,500 works.

What I find really interesting is since the DIA is owned by the city, the appraisal when complete, will become public, with all of the values.

The Detroit Free Press reports

Art museums treat estimated values of their art like state secrets. In fact, major museums such as the Detroit Institute of Arts don’t even know precisely what all of their multimillion-dollar treasures are worth.

That is about to change in Detroit.

When officials from the New York-based Christie’s auction house finish formally appraising city-owned works at the DIA this fall, the results will open an unprecedented public window into the market value of thousands of artworks at a top American museum. The enormity of the final tally, which is expected to be in the billions, promises to add urgency to the debate over whether the city should sell art to help pay its bills in municipal bankruptcy.

The Free Press has learned previously undisclosed details of Christie’s contract with the city, including that up to 3,500 works could be appraised. Among those are 300 on view as part of the permanent display, including iconic works by van Gogh, Matisse, Rembrandt, Bruegel and others.

Christie’s will only appraise works bought directly by the city that are unencumbered by donated funds or other covenants that cloud clear legal title, said Bill Nowling, spokesman for Detroit emergency manager Kevyn Orr. The appraisal will unfold in phases. Officials will start with the art on view before evaluating art in storage with an estimated market value of $50,000 or more and, finally, art in storage presumed to be worth less than $50,000.

Christie’s final report will include itemized appraisals for art worth at least $50,000; an aggregate value will be given for work worth less. Nowling said the contract does not give preferential consideration to Christie’s to handle a sale of art down the road. “That’s a different discussion — if we even get there,” he said.

Source: Detroit Free Press