Automakers Pledge $26 Million to Help Protect Detroit's Art

  • June 09, 2014 21:59

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Detail of Diego Rivera's "Detroit Industry" mural at the Detroit Institute of Arts.

The Detroit Institute of Arts announced Monday that three of the nation's biggest automakers will give $26 million total to help protect the museum's collections from Detroit's creditors.

Ford Motor Company and General Motors each pledged $10 million and Chrysler will give $6 million. The money will go towards a "Grand Bargain" deal that would transfer ownership of the DIA's 66,000-piece collection into a private nonprofit organization.

Another $370 million from private philanthropic organizations and almost $200 million from the state are also part of the deal, so far. The money would go towards Detroit's pension fund, but banks and other creditors are calling it unfair and want city assets, namely the DIA art, sold off to help alleviate bankrupt Detroit's $18 billion debt.

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A trial has been pushed out until August 14.

 


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