Christie's Appraisal of Detroit's Art Comes in at $454-$867 Million

  • December 19, 2013 17:29

  • Email
Vincent van Gogh, Self-Portrait with Straw Hat, 1887
Detroit Institute of Arts

Christie's announced on Thursday its final appraisal of city-owned art in the Detroit Institute of Arts collections at $454 - $867 million. A van Gogh self-portrait led the numbers with a $150 million high appraisal. Overall, the valuation came in slightly higher than estimates given by the auction house earlier in the month.

Ordered after Detroit filed for bankruptcy last summer, the appraisal was provided for Detroit's state-appointed emergency manager, Kevin Orr. Christie's appraised only city-owned works, about 5% of the holdings in the museum's 66,000-piece collection.

With a city debt load of $18 billion, Orr filed for bankruptcy in July, and on Dec. 3 federal Judge Steven Rhodes approved the petition. Orr has said that the city-owned works should be appraised for creditors as the city's assets, but outcry from the public and museum world has been in fierce opposition to any sales.

Christie's says that their 150-page valuation report provides fair market values for the artworks. Among the most notable works are Van Gogh's "Self Portrait with Straw Hat," at $80 million to $150 million; "Le gueridon" by Henri Matisse, at $40 million to $80 million; Claude Monet's "Gladioli" at $12 million to $20 million; and Pierre-Auguste Renoir's "Graziella" at $1.8 million to $3 million.

In its Dec. 3 report, Christie’s also proposed five possible ways in which "the art need not be sold but used as a means to allow the city to raise funds from the assets."

Tags: european art

  • Email

More News Feed Headlines

Joseph Mallord William Turner (1775-1851) Sunset, 1830-5.

After 13 Years, ARTFIXdaily to Cease Daily News Service

  • ArtfixDaily / August 15th, 2022

ARTFIXdaily will end weekday e-newsletter service after 13 years of publishing art world press releases, events and ...

Read More...
Einar and Jamex de la Torre, Critical Mass, 2002 (Courtesy of the Cheech Marin Collection and Riverside Art Museum).

Inaugural Exhibition at The Cheech Highlights Groundbreaking Chicano Artists

  • ArtfixDaily / July 7th, 2022

One of the nation’s first permanent spaces dedicated to showcasing Chicano art and culture opened on June ...

Read More...
Jacob Lawrence,.  .  .  is life so dear or peace so sweet as to be purchased at the price of chains and slavery?—Patrick Henry,1775 , Panel 1, 1955, from Struggle: From the History of the American People, 1954–56, egg tempera on hardboard.  Collection of Harvey and Harvey-Ann Ross.  © 2022 The Jacob and Gwendolyn Knight Lawrence Foundation, Seattle / Artists Rights Society (ARS), New York.

Crystal Bridges Explores the U.S. Constitution Through Art in New Exhibition 'We the People: The Radical Notion of Democracy'

  • ArtfixDaily / July 7th, 2022

Original print of the U.S. Constitution headlines exhibition sponsored by Ken Griffin (who purchased it for $43.2 ...

Read More...
Salvador Dalí (1904–1989), Christ of St John of the Cross, 1951, oil on canvas © CSG CIC Glasgow Museums Collection

Dalí / El Greco Side-by-Side Exhibit Prompts: 'Are They Really Paintings of the Same Thing?'

  • ArtfixDaily / July 6th, 2022

From July 9 to December 4, 2022, The Auckland Project in the U.K. will unite two Spanish masterpieces from British ...

Read More...

Related Press Releases

ARTFIXdaily Artwire