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
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