Big Three Commit $26M to Save Detroit's Art
There was a time when American automakers needed bailing out, and now those same automakers are giving back.
Chrysler, Ford and General Motors have all committed to contribute a total of $26 million to help save the city’s art masterworks from hitting the auction block. The funds will be put towards the settlement of the city’s record $18-billion bankruptcy with Chrysler providing $6 million, Ford with $10 million, GM with $5 million and the the General Motors Foundation with $5 million.
SEE ALSO: The Motor City Files for Bankruptcy
Now, the city-owned museum building, grounds and collection will likely be converted into a nonprofit organization. The museum’s potential value became the focus of a battle over selling assets to satisfy creditors. According to an appraisal by Christie’s Inc., about 2,800 pieces were valued at between $454 million and $867 million. Some creditors have argued that the entire 66,000-piece collection should be appraised.
[Source: Automotive News]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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