“Keeping your audience abreast of a complex financial deal is hard work,” The Detroit News writes today, continuing,
Detroit Institute of Arts director Graham Beal puts his shoulder to this in his latest letter in the museum’s online newsletter. It meticulously reviews the terms of the proposed “grand bargain” in Detroit’s bankruptcy, and then rebuts some critics even as it airs some of the museum’s own complaints about its predicament.
The city’s Plan of Adjustment assumes not only that the DIA will raise and contribute $100 million toward Detroit’s pension funds but that the state will chip in $350 million over 20 years to go along with a $365 million commitment from a group of foundations.
See what DIA Director Graham Beal is telling members…and the world about the deal.
The Richmond Times-Dispatch today published a guest column written by Alex Nyerges, director of the Virginia Museum of Fine Arts. The VMFA is owned and maintained by the Commonwealth of Virginia, just like the Detroit Institute of Arts is by the city of Detroit. You can see where this is going…
He is alarmed by the possible sale of the DIA’s collection, opining “a ‘forced’ sale would not only destroy the core of this great American museum, but it would betray the entire principal on which art museums were established: to hold works of art in trust and in perpetuity for their community and future generations. The precedent that such a sale could set has been a matter of acute concern to American museums and should such a sale occur it is unlikely any American museum would participate.”
Who would buy the art? Read his piece.