Detroit Institute of Arts Faces Next Challenge, Verona Art Museum Heist, and More
But the DIA has a tricky challenge ahead: it must build a $400 million endowment in the next seven years.
Grand Bargain
Art World Abstracts: Detroit Institute of Arts Reaches Grand Bargain Goal, and More!
The DIA has reached its fundraising goal of $100 million. The funds were promised as part of Detroit’s grand bargain, the bankruptcy restructuring plan recently put in place to help pull the struggling city out of debt. DIA board chair Gene Gargaro reports that the current pledges actually total out to $90 million, but as many donors have ramped up their payment schedule the value ends up equaling out to $100 million.
Detroit Institute of Arts’ Holdings SAFE as Judge Rules in Favor of ‘Grand Bargain’
Today, Judge Steven Rhodes approved a restructuring plan for the city of Detroit that will officially allow it to exit bankruptcy in the coming weeks. The Detroit Free Press reported earlier today that the ruling also ensures the Detroit Institute of Arts’ historic collection will remain intact, and that it “will not have to sell a single piece of art to pay off the city's debts or reinvest in services.”
