Not a Lexis+ subscriber? Try it out for free.


Snyder Says Detroit Won't Sell Art Assets

 Michigan Gov. Rick Snyder (R) said the state has no plans to sell any artwork from the Detroit Institute of Art as part of the city's Chapter 9 bankruptcy filing. Speculation has been rampant for months that pieces from the museum collection would be sold. Fears ramped up further last week after Detroit Emergency Manager Kevyn Orr hired famed auction house Christie's Appraisals Inc. to assess the value of those works. But Snyder told reporters that the appraisal is just part of the bankruptcy process.  
"No one should assume there's a sale just because it's being appraised. Essentially, part of the fiduciary responsibility of going through this process is you need to appraise the assets of the city," he said, adding that "there is no existing plan on the table to sell assets." 
Although the city owns the artwork, it does not run the museum itself. The possibility that a sale may occur had many observers up in arms for months before the actual bankruptcy filing, including some Wolverine State lawmakers. In June, Senate Majority Leader Randy Richardville (R) introduced SB 401, a measure that would require Michigan museums to adhere to the American Alliance of Museums' code of ethics, which requires sales of such artworks be "solely for the advancement of the museum's mission." The measure cleared the Senate on June 11 and is now in the House Committee on Financial Liability Reform. (CRAIN'S DETROIT BUSINESS, MLIVE.COM) 

The above article is provided by the State Net Capitol Journal. State Net is the nation's leading source of state legislative and regulatory content for all states within the United States. State Net daily monitors every bill in all 50 states, the District of Columbia and the United States Congress - as well as every state agency regulation. Virtually all of the information about individual bills and their progress through legislatures is online within 24 hours of public availability.

To subscribe to the Capitol Journal and access archived issue go to the State Net Capitol Journal

If you are a subscriber, you can access State Net Bill Tracking, State Net Full Text of Bills, or State Net Regulatory Text. If you are interested in learning more about State Net, contact us.

For more information about LexisNexis products and solutions connect with us through our corporate site.