Art museums and poverty

The superb collection at the Detroit Institute of Art is again in the news.   I wrote about "A difficult choice" previously (7-21-13).   It seems that the estimated value of the art collection is roughly equal to the debt of the city of Detroit, which is about to be forced into bankruptcy and unable to pay pensions to its former teachers, firemen, etc., nor able to continue its libraries, parks, and city services.

The dilemma posed by the New York Times "Sunday Dialogue" is:   "How many lives is a Rembrandt worth?"

Some people respond that of course no mere canvas smeared with paint is worth a human life.   But that obvious answer has several rebuttals when the complexity of the situation is considered, to wit:

1.  If the art were sold, the proceeds would not go directly to pensions and services.  It would go to creditors to pay already incurred debts.

2.  A bankruptcy judge might consider the art to be one of Detroit's biggest assets that should be retained because of its value in rebuilding the city's future.

3.  Cultural institutions, as well as sports teams, have an intangible value in making a city attractive for businesses picking a place to locate, entrepreneurs looking for a place to invest, and families choosing a place to live.

4.  It's not at all clear that the art would have to be sold and taken away from Detroit.  Some alternate arrangements should be considered, whereby equity could be reshaped, freeing up some cash.

Whatever, let's hope they don't rush into selling off the art and have the money squandered and not feed the poor anyway.

Ralph