Motor City Blues Foundations Pledge Millions to Save Detroit's Art
Detroit may be able to keep its priceless art collection after all. In what is being called a “grand bargain,” the bankruptcy judge is allowing foundations to purchase the art from the city, moving it to a public trust that would keep the art on the walls. The city would use some of the proceeds from the sale to fund pension payments for retirees. So far, $330 million has already been pledged from various foundations, but the art is valued at $866 million, and time is running out to seal the deal.