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Valuing Detroit’s Art Museum: A History of Fiscal Abandonment and Rescue (Palgrave Studies in American Economic History)

Amazon.com Price:  $53.58 (as of 06/05/2019 17:08 PST- Details)

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Description

This book explores the perilous situation that faced the Detroit Institute of Arts all over the city’s bankruptcy, when creditors regarded as it a “nonessential asset” that might be sold to settle Detroit’s debts. It presents the history of the museum in the context of the social, economic, and political development of Detroit, giving a history of the city in addition to of the institution, and providing a model of contextual institutional history.
Abt describes how the Detroit Institute of Arts became the fifth largest art museum in The us, from its founding as a private non-profit corporation in 1885 to its transformation into a municipal department in 1919, through the subsequent decades of unusual collections and facilities growth coupled with the repeated setbacks of government funding cuts all over economic downturns. Detroit’s 2013 bankruptcy underscored the nearly 130 years of fiscal missteps and false assumptions that rendered the museum particularly liable to the monetary power of a global art investment community eager to capitalize on the city’s failures and its creditors’ demands.
This is a remarkable and important contribution to many fields, including non-profit management and economics, cultural policy, museum and urban history, and the histories of both the Detroit Institute of Arts and the city of Detroit itself. Despite the museum’s unique history, its story offers valuable lessons for any individual concerned about the way forward for art museums in the USA and in a foreign country.

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