More money pledged to protect art in Detroit bankruptcy
The Detroit Institute of Arts is getting more help raising money for its share of the deal meant to shield its collection from possible liquidation.
The New York-based Mellon Foundation and Los Angeles-based J. Paul Getty Trust have committed a combined $13 million toward the “grand bargain.”
That proposal would direct more than $800 million to Detroit’s pension funds--sparing pensioners from severe cuts, while legally safeguarding the DIA’s assets from being sold to pay off city creditors.
The DIA needs to come up with a $100 million contribution to the grand bargain, this new commitment puts them more than 80% of the way there.
Getty Trust President and CEO James Cuno says the two foundations made a decision to contribute on their own.
“We jointly made the commitment,” Cuno says. “There was no conversation with the DIA about it, no request from the DIA.”
Cuno says the donation reflects the North American art world’s support for maintaining the DIA’s collection as a civic institution and public resource “in perpetuity.”
If put up for sale, the collection “would be lost to private individuals around the world,” Cuno says. “And the public of Detroit, and surrounding suburbs, would be deprived of a public resource they once had.”
Cuno says it’s “too soon to tell” whether the money will be disbursed to the museum as a lump sum upfront, or spread out over a period of years. Donors and museum officials are waiting for the larger grand bargain to be finalized.
Earlier this week, Detroit’s 3 automakers pledged a combined $26 million toward the DIA’s contribution.
Judge Steven Rhodes has set an Aug. 14 trial on Detroit's plan to get out of bankruptcy.