Economy
Detroit Still Shouldn't Sell Its Art
Auctioning off Detroit's art collection would reduce the city's debt, not its suffering. Residents shouldn't go for it, even as the price climbs.
A proposal to sell off the art collection at the Detroit Institute of Arts is once again making headlines. Earlier this year, after a group of philanthropic donors pledged hundreds of millions of dollars toward Detroit pension creditors in exchange for the security of the art collection, the proposal appeared to be moot. But a new and higher appraisal of the collection has spurred some to rethink the proposition.
Hamilton Nolan makes the case for selling Detroit's art, despite the nearly $800 million guaranteed against the integrity of the museum and given the fact that a fire sale would likely garner under $1 billion.