DETROIT (AP) — City-bought works at the Detroit Instituteof Arts have an estimated value roughly
between $450 million and $870million, according to an appraisal conducted by New York auction
houseChristie’s.Christie’s disclosed the estimate in a release onWednesday announcing it submitted a
preliminary report to Detroit’sstate-appointed emergency manager, Kevyn Orr. The auction house says
theincluded art represents about 2,780 works, or 5 percent of the museum’s66,000-piece collection.The city
paid the auction house $200,000to appraise the collection. A judge Tuesday ruled Detroit is eligibleto fix
its finances in bankruptcy, and some creditors seek a role indetermining whether art could be used to raise
money.The auctionhouse said later this month it will release a report recommending fivealternatives to
selling the art that could generate value. Orr saidTuesday he doesn’t know if the city will try to sell art
or come up withanother way to raise money off art, which he said cannot solve thecity’s pension
problems.Christie’s said the values provided arenot auction estimates, which are price ranges auction house
affix to awork at the point of sale "to attract maximum bidding interest." Fairmarket values, it
said, represents the price at which a piece of artwould change hands between a buyer and seller in a
relevant marketplace.Themuseum in the city’s resurgent Midtown district is considered one ofthe top art
museums in the country and is home to hundreds of paintingsand sculptures by Van Gogh, Bruegel the Elder,
Renoir and other masters.The city purchased many of the pieces in the collection years agoduring more
prosperous times.A museum spokeswoman told The AssociatedPress earlier this year that Van Gogh’s "Self
Portrait" was the firstpiece from the acclaimed artist acquired by an American museum.Theart institute
declined to comment on Christie’s evaluation but said in astatement that it reaffirmed "its position
that the museum collectionis a cultural resource, not a municipal asset." It added that museumofficials
hope Orr will "continue to protect … the collection andoppose any attempts to force a sale" and
they will take "appropriateaction" to preserve it.Copyright 2013 The Associated Press. All
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