Like so many with deep roots in this city, the Detroit Institute of Arts (DIA) is disappointed that the Emergency Manager determined it was necessary to file for bankruptcy. As a municipal bankruptcy of this size is unprecedented, the DIA will continue to carefully monitor the situation, fully confident that the Emergency Manager, the Governor and the courts will act in the best interest of the City, the public and the museum.
We remain committed to our position that the Detroit Institute of Arts and the City of Detroit hold the DIA’s collection in trust for the public and we stand by our charge to preserve and protect the cultural heritage of all Michigan residents.
For the legal eagles among you, here is the 16-page bankruptcy filing.
There had been talk (since quieted) of monetizing works from the museum’s collection to help the city meet its financial obligations. What effect this latest development could conceivably have on the museum’s collections or operations is something we still will need to learn more about.