Kevyn Orr open to ideas on DIA collection

Kevyn Orr open to ideas on DIA collection

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DETROIT, Mich. (WJBK) -

Emergency Manager Kevyn Orr addressed the city's finances while attending the Detroit Economic Club luncheon Thursday. During his speech, he also addressed a very hot topic: the auctioning of the Detroit Institute of Art's collection.

The artwork inside the museum is known to be worth hundreds of millions of dollars. Rumors that the collection will be sold off to repay the city's creditors have been swirling for months, especially when representatives from Christie's Auction House came to town.

Thursday Orr finally addressed the issue publicly, saying right now he has no specific plan on what to do with the DIA collection, and is hoping for input.

"I have a fiduciary obligation to account for all the assets of the city of Detroit, and foremost amongst them might very well be DIA," Orr says. "I'm hoping that all of you, in addition to the folks who are operating DIA, ... are able to come up with a solution that makes sense both for the city and for the creditors in that fashion. If they don't though, I have an obligation to develop a solution my own."

Click on the video player above to hear more from Orr on the issue.

Orr says a possible solution is to lease some of the art long-term to other museums across the country. There are no officials plans for that yet, Orr has just mentioned that as one possible way for the city to make money off of the art.  

Christie's is expected to finish its appraisal of the most valuable pieces in the museum's collection by the end of October, and the rest of the evaluation should be completed in November.

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