Thursday, July 25, 2013

Art is crucial to the economic well-being of a city, and Detroit is no exception – but where does the art bring in the most revenue? The Detroit Institute of Art (DIA) is considering selling its treasured paintings to help balance the bankrupt city’s ledgers. Columnist Nora Caplan-Bricker of the New Republic argues in favor of keeping the paintings in-museum, for both cultural and economic reasons. Maybe the art is worth more in the museum than on the auction block, where experts have estimated it could fetch a cool $2 billion. However, with The New York Times placing the DIA’s annual attendance at 600,000 and results from our own study on cultural tourism in Michigan finding that tourists spend an average of $16.65 a head, the DIA brings in almost $10 million a year in tourist dollars.

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