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May 26, 2017

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Largest US automakers pledge US$26 mil. for Detroit artwork

WASHINGTON--The Detroit Institute of Arts (DIA) said Monday that the three largest U.S. automakers have pledged US$26 million to save bankrupt Detroit's world-class collection of art for the public.

General Motors and Ford Motor pledged US$10 million each while Chrysler, smaller than the other two, pledged US$6 million to help the DIA avoid having to sell off paintings by Degas, Cezanne and others to pay the city's debts.

The money from the Detroit Big Three will go toward the US$100 million the institute committed to raise in an agreement with mediators of the city's "grand bargain" bankruptcy restructuring.

"This exemplary leadership, along with that of other donors yet to participate in this critically important initiative, will provide the additional momentum and excitement necessary for the DIA to satisfy its US$100 million grand bargain pledge," said Eugene Gargaro, DIA board chairman, in a statement.

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