In a follow-up on the story about the Detroit Institute of
Arts (see this Blog entry for July 8, 2013), The
New York Times
reports that 9 philanthropies have agreed to pool donations totaling about $330
million to help the Institute avoid having to sell parts of its priceless
collection of world art. The philanthropies, including the Knight Foundation,
Ford Foundation and Kresge Foundation, are offering the money to the city to reduce the debt the City
of Detroit owes its pension funds. The deal would mean that the Institute would
no longer be owned by the City, but by a non-profit formed for the purpose. But
not so fast. The $330 million may not be enough since some estimates say that
over $500 million is needed to rescue the Institute from the auction block.
Additional fundraising will be pursued.
If you follow the arts, here's something for you. This is all about those who make art, those who collect it and those who appreciate it. Catch me here looking, playing and writing about the subject I love the most.
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