We have a couple updates to the Detroit Institute of Arts' financial situation. In an article posted to Artnet on Wednesday, August 27, Eileen Kinsella reported that the Art Capital Group has offered to loan Detroit up to $4 billion dollars if they agree to offer the DIA's collections as collateral. Although a spokesperson for ACG said their goal was to do everything possible to keep the collection intact and in Detroit, many are skeptical, in part due to ACG's contentious dealing with artists in the past.
A number of foundations have come forward and donated to the "grand bargain pot." This money would go to ease the burden of city pensions, in exchange for the DIA's collections being transferred to perpetual trust.
The grand bargain is still being fought by some of the city's creditors (most notably Financial Guarantee Insurance Co.). The DIA has stated that if the deal fails, the organization is prepared to sue in order to prevent the museum's collections from being sold off.
This story is still very much on-going––we'll keep you posted with updates as they arise!