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Detroit Institute of Arts pieces valued less than previously thought

A detail of the facade of the Detroit Institute of Arts is seen in Detroit, Michigan June 2, 2013. REUTERS/Rebecca Cook
A detail of the facade of the Detroit Institute of Arts is seen in Detroit, Michigan June 2, 2013. REUTERS/Rebecca Cook

DETROIT (WKZO) -- The estimated value of the Detroit Institute of Arts collection is much less than anticipated.

Detroit Emergency Manager Kevyn Orr says the value of roughly 500 pieces of art is less than $2 billion.  Orr opened up about the ongoing evaluation of pieces of the collection by New York-based auction house Christie's Appraisals following Tuesday's bankruptcy decision.

Orr says the amount will not be enough to solve the city's pension problems.  More information regarding the DIA collection's value is expected to be released in the coming days.

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