Detroit may have to sell art to become solvent
DETROIT, MI (AP)-- Michigan Governor Rick Snyder says he hopes Detroit's financial crisis doesn't force emergency manager Kevyn Orr to sell off items from the collection of the Detroit Institute of Arts.
Orr says the DIA's collection could face sale if Detroit seeks bankruptcy protection. The museum opened in 1885 and has more than 60,000 artworks.
Interviewed at a conference on Mackinac Island, Snyder tells the Detroit Free Press and The Detroit News he won't rule out a sale of the museum's collection.
Snyder does say that the DIA is "important to the livelihood of the city" and that "the goal is not to sell the assets of the DIA in a wholesale fashion."
He put Orr in charge of Detroit's finances because of persistent deficits and a long-term debt of $14 billion.