Hold on say the bond holders who are looking at a 15 cents on the dollar haircuts. We have offers that top yours.

In December, Christie’s estimated the fair market value of the city-purchased art at the DIA at $454 million to $867 million.

I think there are few that don't think that was low-balled and it appears the creditors ran their own 'what if' auction.

Detroit bankruptcy creditors, led by Financial Guaranty Insurance Co., have lined up four tentative bids of as high as $2 billion to purchase all or parts of the Detroit Institute of Arts collection.
...
Three firms made bids to purchase all or part of the collection. Another offered exit financing to the city, secured by the art collection.

The firms and their bids are:

• Catalyst Acquisitions LLC/Marc Bell Capital Partners LLC, which submitted a nonbinding indication of interest in purchasing the entire art collection for $1.75 billion
• Art Capital Group LLC, which submitted a nonbinding term sheet, offering to provide the city with an exit facility of up to $2 billion, secured by the entire art collection.
• Poly International Auction Co. Ltd. which, on behalf of a client, submitted a nonbinding indication of interest in purchasing all Chinese works in the collection for up to $1 billion.
• Yuan Management Hong Kong Ltd., which on behalf of certain investment funds submitted a nonbinding indication of interest in purchasing 116 pieces or 0.2 percent of the 65,000 pieces at the museum for $895 million to $1.473 billion.
From Crain's Currently behind Paywall but usually released later