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Valuing Detroit's Art Museum : a history of fiscal abandonment and rescue

Author: Jeffrey Abt
Publisher: Cham, Switzerland : Palgrave Macmillan/Springer Nature, [2017] ©2017
Series: Palgrave studies in American economic history.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Genre/Form: Electronic books
History
Additional Physical Format: Print version:
Abt, Jeffrey.
Valuing Detroit's Art Museum.
Cham, Switzerland : Palgrave Macmillan, [2017]
(DLC) 2016959016
(OCoLC)983783269
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jeffrey Abt
ISBN: 9783319452197 3319452193 3319452185 9783319452180
OCLC Number: 979992039
Description: 1 online resource (xvii, 273 pages) : illustrations (some color).
Contents: 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.
Series Title: Palgrave studies in American economic history.
Responsibility: Jeffrey Abt.

Abstract:

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.

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