In testimony during Detroit's bankruptcy eligibility hearing, emergency manager Kevyn Orr conceded that selling DIA masterpieces would help the city.
Detroit Free Press: Anthony Ullman, an attorney representing Detroit’s creditors, asked Orr today if the city could get billions in return for the art, would that help the city restructures its debt.
“Yes, I think it would,” Orr said.
In recent weeks, the discussion surrounding the DIA art has shifted from outright sales to leveraging — ways of squeezing cash out of the masterpieces at the museum without necessarily relinquishing ownership. The most-talked-about options include using art as collateral, renting big chunks of the collection to other museums or a DIA-proposed plan for the state to contribute hundreds of millions of dollars to the city’s restructuring in exchange for new statewide traveling exhibitions and education programs.
Orr also said during his testimony that the $3.5 billion figure cited as Detroit's long-term pension debt is still a preliminary number and represents a "best" analysis to day.
