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Detroit — Emergency Manager Kevyn Orr announced Monday that he has contracted with Christie’s Appraisals, the New York-based international auction house, to appraise the collections of the Detroit Institute of Arts.  The city of Detroit is in $18 billion dollars worth of debt and Christies will have the appraisal completed by fall.  Sources estimate the DIA holdings to be worth close to $2 billion.

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Detroit—The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.

The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.

Detroit is 18.5 billion dollars in debt.

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