The collection of the Detroit Institute of Arts (DIA) is inching closer to safety. The Michigan State Legislature agreed yesterday to contribute $350m over the next 20 years to protect the museum’s works of art and shore up Detroit’s ailing pension funds. The state’s governor Rick Snyder is expected to sign the bill, which is part of a package to help settle the city’s bankruptcy, by the end of the week. — theartnewspaper.com
National and local foundations have pledged more than $330 million to a fund to protect city-owned art at the Detroit Institute of Arts from being auctioned off, mediators in Detroit’s bankruptcy announced Monday.
A statement from Chief U.S. District Court Judge Gerald Rosen’s team of mediators called the financial commitments “an extraordinary and unprecedented effort” to preserve the art collection and raise money for Detroit’s underfunded pension funds. — detroitnews.com
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