Detroit’s Creditors Eye Its Art Collection

Unlike most art museums around the country, which are owned by nonprofit corporations that hold a collection in trust for citizens, the institute is owned by Detroit, as is much of its collection — which is not particularly deep but includes gems by artists like Bruegel, Caravaggio, Rembrandt and van Gogh. It is considered among the top 10 encyclopedic museums in the country.

Museums do not generally appraise the market value of their works beyond a blanket amount for insurance policies. But experts have speculated that the institute’s works could bring more than $2 billion if sold.

About a month ago, the institute’s officials were contacted by Christie’s auction house, which asked for an inventory of works and asked if appraisers could visit to assess the collection. It is unclear whether such a visit took place and whether it was creditors or someone else who enlisted Christie’s to begin an appraisal. (Mr. Nowling said that the emergency manager’s office did not do so, and Christie’s declined to comment.)

But as Detroit’s financial fate comes before a federal bankruptcy judge, it is clear that the desire of creditors to determine the collection’s worth will not go away.