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Report for Detroit creditor boosts value of art

By WTOP Staff

DETROIT (AP) — One of the companies challenging Detroit’s bankruptcy plan says the possible value of the Detroit Institute of Arts’ collection is $8.5 billion — a figure that’s higher than previous estimates.

The company also says the city owns or controls as much as $1.2 billion in real estate, including vacant property and homes that could be foreclosed upon.

The Detroit News and Detroit Free Press report an art consultant for Financial Guaranty Insurance estimated the DIA collection is worth almost double a previous estimate.

New York-based Artvest Partners LLC said earlier this month that art eyed for sale by some creditors could be worth more than $4.6 billion, but likely would fetch a quarter of that or less in a forced liquidation.

A trial over Detroit’s bankruptcy plan starts Aug. 14.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Emergency guide: What you should do to prepare for emergencies

By WTOP Staff
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