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mota bhai

Selling Off Detroit’s Art Could Depress Global Market

By mota bhai in Current Events and Hot Social Topics

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8 members have voted

  1. 1. Do you care about the global market for art?

    • Yes. Protecting the fortunes of art investors is too important. I don't care if the American taxpayer has to take another haircut bailing out Detroit!
      0
    • No. The art world can go F itself.
      8

9 posts in this topic

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mota bhai Veteran

mota bhai   2,675

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Filed: Timeline
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Art experts yesterday reacted with concern at the prospect of masterpieces from the Detroit Institute of Arts, including works by Bellini, Rembrandt, van Gogh and Picasso, suddenly flooding the global market.

...

The Detroit collection has been valued at more than $1 billion.

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“They can’t put 100 masterpieces on the market at the same time,” said Todd Levin, a Detroit-born, New York-based director with Levin Art Group. “You will depress the market.”

Detroit’s struggling managers may not share that concern.

The city should be able to use assets, including artwork in the 128-year-old museum, to repay obligations, said Jon Schotz, co-managing partner at Kayne Saybrook Municipal Opportunity Funds, which has more than $300 million of distressed municipal-bond debt. Schotz declined to say whether the firm holds Detroit bonds.

http://www.businessweek.com/news/2013-07-23/selling-detroit-s-art-could-depress-global-market-experts-fear

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X Factor Grand Master

X Factor   1,112

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Filed: AOS (apr) Country: Philippines
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Great ~ now I can afford some of these masterpieces or missespieces (pc)

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