{"id":14690,"date":"2014-01-14T07:00:51","date_gmt":"2014-01-14T07:00:51","guid":{"rendered":"https:\/\/www.zatista.com\/blog\/?p=14690"},"modified":"2014-01-14T07:00:51","modified_gmt":"2014-01-14T07:00:51","slug":"love-art-2","status":"publish","type":"post","link":"https:\/\/www.zatista.co.uk\/blog\/2014\/01\/14\/love-art-2\/","title":{"rendered":"For The Love of Art"},"content":{"rendered":"
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Detroit Institute of Arts photo credit: Carlos Osorio\/Associated Press<\/p><\/div>\n

According to the Washington Post: A group of national and local philanthropic foundations have pledged $330 million to bolster Detroit\u2019s municipal pension funds and help protect the Detroit Institute of Art\u2019s collection from a sale to creditors, according to federal mediators involved with bankruptcy proceedings.<\/p>\n

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Detroit Institute of Arts photo credit: Carlos Osorio\/Associated Press<\/p><\/div>\n

The Ford Foundation, the John S. and James L. Knight Foundation and seven other philanthropic organizations have offered millions to ameliorate two primary and seemingly unrelated concerns \u2014 the plight of pension recipients and preservation of fine art \u2014 that have dogged Detroit since it filed for bankruptcy in July.<\/p>\n

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The Window 1916 by Henri Matisse appraised at $40-$80 million.<\/p><\/div>\n

Chief U.S. District Judge Gerald Rosen, who is overseeing the mediation, called the pledges an \u201cextraordinary and unprecedented effort\u201d and noted that additional foundations are expected to offer support. But the announcement did not say that an agreement has been reached with Detroit\u2019s emergency manager, Kevyn D. Orr, who has previously called for the museum to be monetized to lessen debt obligations.<\/p>\n

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Self Portrait with Straw Hat 1887 by Vincent Van Gogh appraised at $80-$150 million.<\/p><\/div>\n

In July, Detroit filed for bankruptcy, claiming that it could not repay $18 billion in debt. The city owns the DIA\u2019s 65,000-piece collection, which some have argued should be sold to pay creditors. According to an independent appraisal by the New York-based auction house Christie\u2019s, the portion of the collection purchased with city funds is worth between $454 million and $867 million. Other independent appraisals have valued the collection at between $1 billion and $2 billion.<\/p>\n

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The Wedding Dance c. 1566 by Pieter Bruegel The Elder appraised at $100-$200 million.<\/p><\/div>\n

The truth is, people love art and will do a lot to support arts and culture in a city in desperate need of economic revival. Art is good for the soul!<\/p>\n

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