The First Art Newspaper on the Net   Established in 1996 United States Monday, May 21, 2018

United States automakers pledge $26 million for embattled Detroit Institute of Arts
Museum patrons leave the Detroit Institute of Arts on October 2, 2013. AFP PHOTO/MIRA OBERMAN.

WASHINGTON (AFP).- The Detroit Institute of Arts said Monday that the three largest US automakers have pledged $26 million to save bankrupt Detroit's world-class collection of art for the public.

General Motors and Ford Motor pledged $10 million each while Chrysler, smaller than the other two, pledged $6.0 million to help the DIA avoid having to sell off paintings by Degas, Cezanne and others to pay the city's debts.

The money from the Detroit Big Three will go toward the $100 million the institute committed to raise in an agreement with mediators of the city's "grand bargain" bankruptcy restructuring.

"This exemplary leadership, along with that of other donors yet to participate in this critically important initiative, will provide the additional momentum and excitement necessary for the DIA to satisfy its $100 million grand bargain pledge," said Eugene Gargaro, DIA board chairman, in a statement.

The museum's collection has been eyed as a treasure chest to be plundered to help get Detroit back on its feet after it filed for bankruptcy protection in July 2013, buried under $18 billion in debt, in the largest municipal bankruptcy in US history.

Some creditors proposed that the art should be sold off to help repay them. But residents of the city, its economy deeply damaged by decades of population loss and urban blight, opposed selling any of the art works.

The contribution of the automakers puts the museum a step closer to saving a collection of more than 60,000 works -- including paintings by Degas, Cezanne, Matisse and Diego Rivera's Detroit Industry frescos.

As part of the agreement with creditors, Detroit would transfer ownership of the collection to the private nonprofit corporation currently operating it, Detroit Institute of Arts, Inc.

"Preserving the integrity of Detroit and one of its most beloved and historic pillars is of the utmost importance to GM and the GM Foundation," said Mark Reuss, vice president of GM.

"We are longtime supporters of the DIA and pledge our help to keep it an integral part of our community."

GM and Chrysler themselves underwent bankruptcy reorganizations in 2009 helped by large federal government aid. Ford declined to take a government bailout.

The automakers since then have seen sales rebound in recent years as the economy recovers from the severe 2008-2009 recession.

© 1994-2014 Agence France-Presse

Today's News

June 10, 2014

Archeologists find 4,000 year-old tomb belonging to a leader from the 11th dynasty

Old Master 'selfie' is a Rembrandt; National Trust scientifically verifies painting

The Serpentine premieres a new durational performance by Marina Abramović for 64 days

Christie's announces the sale of one of only two paintings by Johannes Vermeer in private hands

Sotheby's Paris to sell rediscovered painting by Baroque artist Artemisia Gentileschi

Exhibition charts James Ensor's dramatic artistic developments in 1880s and 1890s

United States automakers pledge $26 million for embattled Detroit Institute of Arts

Roma Eterna: 2,000 Years of Sculpture from the Collections Santarelli and Zeri at the Antikenmuseum Basel

1,200th anniversary of the death of Emperor Charlemagne marked with new coin exhibition

Ketterer Kunst announces excellent results of Modern and Post War/Contemporary Art sales

Sotheby's Paris announces an important offering of Old Master and 19th century paintings

Exhibition at the Saatchi Gallery showcases a vibrant new generation of artists from the USA

Spectacular fire sculpture in art project at Quadriennale Dusseldorf: The Creative Power of Fire

Live artwork around hundreds of bottles of publicly donated water on view at Somerset House

Denver Art Museum transforms outdoor plaza with interactive installation

Fine Kangxi porcelain and imperial jades lead rich offerings at Bonhams San Francisco in June

Artist Cary Smith curates an exhibition featuring 40 leading contemporary artists

Octagone presents Stevens Dosso-Yovo's first large-scale outdoor sculpture

Christie's announces Sale of Fine Printed Books and Manuscripts including Americana

Nasher Sculpture Center announces Mark Grotjahn sculpture

Solo exhibition of new paintings by Jacqueline Humphries opens at Stuart Shave/Modern Art

Old Toy Soldier Auctions to offer spectacular lifetime collection of James A. Henderson

Most Popular Last Seven Days

1.- Boy and an amateur archaeologist unearth legendary Danish king's trove in Germany

2.- Exhibition at The Met illustrates what visitors encountered at The palace of Versailles

3.- Philadelphia Museum of Art opens "Modern Times: American Art 1910-1950"

4.- Exhibition at Michael Hoppen Gallery presents a cross-section of works from Thomas Mailaender's career

5.- New York's Chelsea Hotel celebrity door auction raises $400,000

6.- Stevie Ray Vaughan's first guitar drives Entertainment & Music Memorabilia Auction to nearly $2.9 million

7.- Lichtenstein's Nude with Blue Hair tops $2.4 million sale of Modern & Contemporary Prints & Multiples

8.- $6.7 million Fancy Intense Blue Diamond sets auction record at Sotheby's New York

9.- Mexico court blocks sales of controversial Frida Kahlo Barbie doll

10.- Dutch museums to conduct new research on the paintings of Pieter de Hooch

Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .


Ignacio Villarreal
Editor & Publisher:Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez

Royalville Communications, Inc
Founder's Site. The most varied versions
of this beautiful prayer.
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful