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Banker: Talks Broke Down Between Detroit, Museum

Banker: Talks Broke Down Between Detroit, Museum

A key consultant working on Detroit's finances says talks broke down between city and Detroit Institute of Arts officials about finding common ground over ownership and the possible sale of some artwork.

Investment banker Ken Buckfire testified Friday during a trial to determine if the city is eligible to fix its finances in bankruptcy court that "discussions did not prove fruitful."

He and others sought to explain that the city owned some of the museum's art and the building. They also wanted to reach a deal to "create value" for the financially troubled city.

An email seeking comment was left Friday with a museum spokeswoman.

Considered one of the nation's top art museums, the institute has about 60,000 pieces. New York-based Christie's international auction house is appraising city-owned pieces.

 

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