Detroit News columnist Nolan Finley says the Detroit Institute "lives in a shocking state of economic denial":
"In recent days, I’ve talked to three people at the top of the decision-making in the bankruptcy process. All said, without question, that at least part of the collection will have to be — their word — 'monetized' before the bankruptcy is resolved. The questions are how, and how much?"
He says "the business folks on the DIA board ... need to take this over and negotiate a deal" with the Emergency Manager to "deliver the $500 million or so I’m told he wants from the artwork as painlessly as possible":
"Can that money be found in the more than 60,000 DIA
pieces in storage? Can leasing art deliver a cash flow? Would wealthy DIA donors
buy the pieces and loan them back permanently to the museum? Could the major
works be collateralized to back a bond sale?"
