Christie's values Detroit art at up to $867 million

December 18, 2013
People walks past a painting titled "The Wedding Dance" by artist Pieter Bruegel the Elder displayed at the Detroit Institute of Arts in Detroit
People walks past a painting titled "The Wedding Dance" by artist Pieter Bruegel the Elder displayed at the Detroit Institute of Arts in Detroit, Michigan December 7, 2013. REUTERS/Joshua Lott

(Reuters) - The value of the collection at the Detroit Institute of Arts falls within a range from $454 million up to $867 million, auction house Christie's said in its final report to the city's state-appointed emergency manager Kevyn Orr.

The appraisal only covered works owned by the city of Detroit, which account for only around 5 percent of the museum's 66,000 works. The appraisal is marginally above a preliminary estimate from Christie's, which gave a maximum value of $866 million to the works owned by the city.

Emergency manager Orr filed for Chapter 9 bankruptcy protection for Detroit in July and is seeking ways to pay off creditors and fund basic services once the city emerges from bankruptcy.

(Reporting by Nick Carey; Editing by James Dalgleish)