Supporters of the Detroit Institute of Arts have pledged to pay $330 million to help resolve the city’s record bankruptcy and save its Picassos and Van Goghs from auction, Bloomberg reports.
The donors want the money to go to retirees, whose pensions may be underfunded by as much as $3.5 billion and who have challenged the city’s right to be in bankruptcy. In return, the Detroit Institute of Arts, or DIA, collection would be protected in any bankruptcy settlement, according to a statement e-mailed by the U.S. District Court in Detroit.
