Posted by Tina
When great cities fall to ruin the one thing left that will retain or increase in value is art. In Detroit the art alone is worth a couple of billion:
TORONTO — Estimated to be worth billions, the Detroit Institute of the Arts’ collection may not be protected from creditors after the City filed for bankruptcy on Thursday.
As Detroit’s over 100,000 creditors begin to size-up the DIA’s massive collection, it remains unclear if the sale can be stopped without a law prohibiting it.
Detroit’s Emergency Manager Kevyn Orr ordered an appraisal of the DIA’s 60,000 pieces of artwork in May, sparking concern that they were preparing for a possible sale if the City filed for bankruptcy.
The Detroit Free Press has estimated the collection to be valued at $2.5 billion, including works by Matisse, van Gogh, Picasso, Rembrandt, Rodin and Caravaggio.
The bad news is that the city has so much debt and obligation that selling the art would not substantially help the situation.
It may be awhile before we find out the fate of this valuable art since a judge Michigan judge has ruled the bankruptcy “unconstitutional” because, “…the Michigan Constitution prohibits actions that will lessen the pension benefits of public employees.” Incredibly, the judge also described the filing as “cheating” and said it was not “…honoring the president who took the auto companies out of bankruptcy.” The Detroit Free Press also reported that the judges declaratory judgement would be sent to President Obama because he, “bailed out Detroit,”…and may want to look into the pension issue.
I don’t know if that constitutes a challenge or a threat to the President. Sure sounds like the judge expects the pensioners of Detroit will be given a bailout as were the pensioners of GM. We’ll have to wait to see whether Detroit is in any way valuable for Democrats in the coming election to find out what the President will, or will not, do.
In the meantime, an appeal has been filed against the judges ruling.
God save us from liberal progressive community organizing, central planning, and redistribution greed.
Americans were once too proud to engage in wealth by intimidation, theft, and ill-gotten booty…they stood firmly behind the ideals of the individual earning, saving, and investing his way to prosperity and it worked well for about 150 years.
How do you think Detroit became prosperous enough to purchase all of that beautiful art!