Detroit Institute of Arts (DIA)

During the City of Detroit Bankruptcy, Artvest was hired as an Expert Witness by the DIA and the City of Detroit for the Bankruptcy trial in 2014 to assist the Court in determining whether the Institute was to be closed and its collection liquidated to satisfy over $8 billion in City creditor debt. The scope of the project, conducted in less than six weeks, entailed determining the liquidation value of the 56,000-object collection under multiple scenarios and the potential long term, negative economic consequences to the City of Detroit if it were to lose the institution.

The valuation of the collection pioneered new appraisal concepts by including real world economic factors in the sale of art such as applying statistical unsold rates by art segment, the financial impact of negative collector and institutional sentiment, depressed “fire sale” implication of an urgent liquidation, and present value analysis and carrying costs for a multi-year wind down and sale.

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