Detroit Institute of Art Says City Can't Sell Collection

By: Associated Press
By: Associated Press

DETROIT (AP) -- The Detroit Institute of Art says the city can't sell its collection to cover long-term debt.

The art museum released a statement Friday after word surfaced that officials are pondering whether the DIA's artwork could be sold to help satisfy creditors if the financially troubled city seeks bankruptcy protection.

The DIA says it "and the city hold the museum's art collection in trust for the public" and that "the city cannot sell art to generate funds for any purpose other than to enhance the collection."

The Detroit Free Press and The Detroit News report that Detroit's state-appointed emergency manager Kevyn Orr is looking at whether the collection should be considered city assets that could be sold to cover the city's debt, which is estimated at more than $14 billion.

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