Valuing Detroit's Art Museum [electronic resource] : A History of Fiscal Abandonment and Rescue /
Abt, Jeffrey.author.
This book explores the perilous situation that faced the Detroit Institute of Arts during the city's bankruptcy, when creditors considered it a "nonessential asset" that might be sold to settle Detroit's debts. It presents the history of the museum in the context of the social, economic, and political development of Detroit, giving a history of the city as well as of the institution, and providing a model of contextual institutional history. Abt describes how the Detroit Institute of Arts became the fifth largest art museum in America, from its founding as a private non-profit corporation in 1885 to its transformation into a municipal department in 1919, through the subsequent decades of extraordinary collections and facilities growth coupled with the repeated setbacks of government funding cuts during economic downturns. Detroit's 2013 bankruptcy underscored nearly 130 years of fiscal missteps and false assumptions that rendered the museum particularly vulnerable to the monetary power of a global art investment community eager to capitalize on the city's failures and its creditors' demands.
Includes bibliographical references and index.
1. The Detroit Museum of Art -- 2. The Detroit Institute of Arts, the Founders Society, and the City -- 3. Building Additions, Detroit's Decline, and State Rescue -- 4. Failed Plans, Fresh Crises, a New Relationship -- 5. New Starts, then Detroit's Bankruptcy -- 6. Valuing Art, Trusts, and Return to the Beginning -- 7. Epilogue.
This book explores the perilous situation that faced the Detroit Institute of Arts during the city's bankruptcy, when creditors considered it a "nonessential asset" that might be sold to settle Detroit's debts. It presents the history of the museum in the context of the social, economic, and political development of Detroit, giving a history of the city as well as of the institution, and providing a model of contextual institutional history. Abt describes how the Detroit Institute of Arts became the fifth largest art museum in America, from its founding as a private non-profit corporation in 1885 to its transformation into a municipal department in 1919, through the subsequent decades of extraordinary collections and facilities growth coupled with the repeated setbacks of government funding cuts during economic downturns. Detroit's 2013 bankruptcy underscored nearly 130 years of fiscal missteps and false assumptions that rendered the museum particularly vulnerable to the monetary power of a global art investment community eager to capitalize on the city's failures and its creditors' demands.
Detroit Institute of Arts
Detroit Institute of Arts.
Culture-Economic aspects.
Urban economics.
Nonprofit organizations.
Public administration.
Economic history.
Cultural Economics.
Urban Economics.
Non-Profit Organizations and Public Enterprises.
Public Administration.
Economic History.