Detroit Art Could Be Worth $866M, Christie's Says

Law360, New York (December 4, 2013, 6:12 PM EST) -- Auction house Christie’s on Wednesday said works of art owned by the city of Detroit could be worth between $452 million and $866 million, valuations the bankrupt city requested as it contemplates how to cut down its staggering debt.

Some have spoken out against the possibility of selling the pieces, and Kevyn Orr, the city's emergency manager, says no decisions have been made. But the Christie’s figures give officials some numbers to work with as they formulate a plan to fight Detroit’s $18 billion debt....
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