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Art seals the deal in Detroit’s ‘grand bargain’ / ArtReview

Jonathan T.D. Neil on how art saved Detroit from bankruptcy

from the December 2014 issue

By Jonathan T.D. Neil

Diego Rivera, Detroit Industry (detail), 1932–3. Courtesy Detroit Institute of Arts.

Market news in the artworld in the autumn, particularly during the first two weeks of November, is often and rightly dominated by the auctions in New York. There and then one finds the big prices for big game. As of this writing, Sotheby’s had already clocked in a record-breaking $422 million Impressionist and Modern Art auction on 4 November, which was helped along by the $100m paid for Alberto Giacometti’s Chariot (1950). We know what motivates these numbers: a love…

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