New York Times, Jan 29th
The Detroit Institute of Arts, whose world-class collection has been targeted as a potential source of cash to help dig Detroit out of federal bankruptcy, announced Wednesday that it would raise $100 million to help save itself, joining a group of private foundations that have already pledged $370 million toward the effort.
Officials at the city-owned museum, which, along with Detroit, has struggled financially for many years, had said as recently as two weeks ago that such a huge commitment — money to help the city pay its pensions — would be “completely unfeasible.” But in a statement on Wednesday the museum said that it had reached out to corporate leaders in Detroit and would commit to a multiyear effort that would “stretch our fund-raising abilities to their capacity” as a way to protect its collection.
This is a follow up to posts I've done before on this subject. Glad to see the artwork may stay in Detroit and in public hands. GL