Per Crain's' News. “...Christie's has finalized its estimates of the value of the portion of the Detroit Institute of Arts collection purchased by the city of Detroit when it still operated the museum.” The key word is portion. A portion was only valued for a reason and it was not that Orr or Snyder didn't think the city owned the remainder.
Orr knew from the start that under Chapter 9 a creditor could not force him to sell the art so there was little reason to pay for an appraisal of the entire collection. The creditors also knew they could not force a sale so they decided not to waste money and time on an appraisal. Further, there was little doubt Snyder was under heavy pressure from the donors of the art, that were also probably contributors to his reelection campaign, not to sell the art.
The reason for ordering an appraisal on only a small part of the collection was to throw the general public off and put doubt in the minds of retirees how much value really existed. I can see how Orr, Snyder and Judge Rhodes lost some of their objectivity because this scheme fit in beautifully with Judge Rosen 's Grand Bargain. It is hard to keep your objectivity when your plan, even if flawed, comes together. No one could phantom that it might make sense to sell the art.
The flaw of the plan was no one even gave consideration that the city indeed may have a better future if the art was cashed in and used to improve schools, remove blight, improve mass transit, further reduce crime and improve response times of EMS, the police and fire departments and fixing fire hydrants. This is why I say the DIA was saved by Detroit's impoverished citizens…. more