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]