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Less than two weeks after a federal judge approved Detroit’s historic bankruptcy plan, the Detroit Institute of Arts (DIA) has raised nearly 90% of its $100m goal to support the city’s regeneration. The museum has secured $87m in pledges toward the so-called Grand Bargain, an $816m scheme to support Detroit’s pensions and permanently transfer ownership of the DIA’s city-owned art to the museum.

The day before the judge’s verdict on 7 November, the DIA announced that 21 Japanese businesses with branches in Detroit, including Mitsubishi and Panasonic, had pledged $2.2m. Three-quarters of the money will go toward DIA’s commitment to the Grand Bargain, while the remaining 25% will help fund a long-planned but previously stalled reinstallation of the museum’s Japanese collection in a new gallery.

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The Detroit Institute of Arts (DIA) has cleared its biggest remaining hurdle to secure its art collection. Last week, the city of Detroit reached a settlement with its largest holdout creditor, the Financial Guaranty Insurance Company (FGIC). As Detroit’s 16-month-long bankruptcy trial comes to a close this week, the 11th-hour deal all but guarantees that the DIA’s collection will not be sold to pay down the city’s debt.

The bond insurer FGIC—which is owed around $1bn of Detroit’s $18bn debt—was one of the most vocal opponents to the so-called “Grand Bargain”, a scheme to safeguard the DIA’s collection while generating money for the city’s pensioners.

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The Detroit Institute of Arts will house Claude Monet's Waterlily Pond, Green Harmony for three months starting Oct. 1. The painting is on loan from Paris' Musée d'Orsay  It will be the only work on display in the gallery next to the Rivera court.

The painting is just one of hundreds that Monet painted of his French flower garden and pond.

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The Detroit Institute of Arts is launching a new, free series that will offer an in-depth look into contemporary art through conversations and panel discussions featuring key players in the scene. It's called "Which Side Up: What Moves Contemporary Art" and it's being presented by the Friends of Modern and Contemporary Art. It's set to start Sept. 21.

The first installment of the series, called "Unpacking the Concept," will feature Rebecca Hart, the museum's curator of contemporary art.

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The American Alliance of Museums announced today that its president, Ford W. Bell, will step down at the end of May 2015, after eight years at the helm. During that time he oversaw a rebranding and restructuring of the AAM, which sets standards and advocates for museums.

Bell was vocal on a number of museum issues during his tenure, including the threatened deaccessioning of works from the collection of the Detroit Institute of Arts, which he forcefully rebutted.

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Toyota is the latest car company to make a large contribution toward Detroit Institute of Arts’ goal to raise $100 million to prevent the sale of art in Detroit’s bankruptcy and help city pensioners.

“Toyota is committing one million dollars to support the Grand Bargain to help the City of Detroit and keep the Detroit Institute of Arts alive and well,” said Simon Nagata, president and chief executive officer of Toyota Motor Engineering and Manufacturing, North America, in a speech to the Management Briefing Seminars in Traverse City.

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A handful of business are pledging almost $27 million toward the Detroit Institute of Arts’ commitment to raise $100 million as part of a “grand bargain” that will help the city emerge from bankruptcy, support pensioners and protect the museum’s art collection for the public.

The $26.8 million comprises $10 million from Roger S. Penske and Penske Corporation, $5 million from DTE Energy, $5 million from Quicken Loans and the Rock Ventures Family of Companies, $2.5 million from BCBSM, $1 million from Meijer, $1 million from Comerica Bank, $1 million from JPMorgan Chase, $800,000 from Consumers Energy and $500,000 from Delta Air Lines Foundation.

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A new expert appraisal of the Detroit Institute of Arts’ collection, which some creditors are demanding be sold to help pay municipal debts in the city’s bankruptcy case, has found that the works could be worth $2.7 billion to $4.6 billion.

The appraisal, commissioned by the city and the museum in advance of a federal bankruptcy trial in August, also added that such a price tag would never be attained at sale, for reasons including donor lawsuits that would delay or prevent the sale of many valuable works, weakness in the market for some kinds of paintings, and lower sale prices because of the sheer bulk that would flood into the market at once. The appraiser, Artvest Partners, an art investment firm based in New York, said that because of these factors and the notoriety of such a forced sale from a venerable public institution, the bulk of the museum’s collection might raise as little as $850 million.

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As legal jockeying continues in Detroit’s bankruptcy, the city and the Detroit Institute of Arts have jointly hired a New York art investment firm whose personnel could be called as expert witnesses to push back against creditors trying to force a sale of art in court.

Artvest Partners, a well-known company that advises attorneys, dealers, insurers, other art world professionals and collectors, has been engaged to provide a price range for the entire 66,000-piece collection at the city-owned DIA and assess the viability and practicality of selling art or otherwise monetizing the collection, said Bill Nowling, spokesperson for Detroit emergency manager Kevyn Orr.

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The Detroit Institute of Arts has been pledged a  total of $13 million by New York-based The Andrew W. Mellon Foundation and the Los Angeles-based J. Paul Getty Trust. The pledge will be put toward the DIA’s commitment to raise $100 million as part of a “Grand Bargain” that will help the city of Detroit emerge from bankruptcy, support city pensioners and protect the museum’s art collection for the public.

The $13 million consists of up to $10 million from the Mellon Foundation and $3 million from the J. Paul Getty Trust. Mellon has pledged $5 million immediately, with the full amount contingent on the museum raising sufficient matching funds to meet its $100 million fundraising requirement.

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