The Great Sell-Off: When Governments Struggle to Pay the Bills

Detroit may sell priceless art to settle its debt.

Making Tough Decisions - The Detroit Free Press reports that emergency manager Kevyn Orr is considering the sale of some pieces at the city-owned Detroit Institute of Arts to help pay down about $15 billion of its mounting debt. But critics say the art collection, estimate value of more than $2.5 billion, should remain preserved for future generations and not a source of income in cash-strapped times. Read on for a look at other municipalities forced to make tough choices in hard fiscal times. —Britt Middleton (Photo: Courtesy of The Detroit Institute of Arts)

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Making Tough Decisions - The Detroit Free Press reports that emergency manager Kevyn Orr is considering the sale of some pieces at the city-owned Detroit Institute of Arts to help pay down about $15 billion of its mounting debt. But critics say the art collection, estimate value of more than $2.5 billion, should remain preserved for future generations and not a source of income in cash-strapped times. Read on for a look at other municipalities forced to make tough choices in hard fiscal times. —Britt Middleton (Photo: Courtesy of The Detroit Institute of Arts)

Baltimore, Maryland - Last  September, Baltimore's spending panel agreed to sell the historic Senator Theatre at a price of $500,000 (a $310,000 loss after the city had owned it for three years), the Baltimore Sun reported. Community activist Kim Trueheart told the Sun the sale "was a bad deal for Baltimore citizens" that "wasn't properly vetted by the public." (Photo: WikiCommons)

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Baltimore, Maryland - Last  September, Baltimore's spending panel agreed to sell the historic Senator Theatre at a price of $500,000 (a $310,000 loss after the city had owned it for three years), the Baltimore Sun reported. Community activist Kim Trueheart told the Sun the sale "was a bad deal for Baltimore citizens" that "wasn't properly vetted by the public." (Photo: WikiCommons)

Harrisburg, Pennsylvania - Pennsylvania's capital city is faced with the prospect of the sale or lease of a number of city assets that could include its parking garages and the wastewater system to pay for a more than $340 million debt resulting from upgrading its incinerator, Reuters reported last December. A final decision is still pending. (Photo: William Thomas Cain/Getty Images)

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Harrisburg, Pennsylvania - Pennsylvania's capital city is faced with the prospect of the sale or lease of a number of city assets that could include its parking garages and the wastewater system to pay for a more than $340 million debt resulting from upgrading its incinerator, Reuters reported last December. A final decision is still pending. (Photo: William Thomas Cain/Getty Images)

Newark, New Jersey - In 2010, the Newark, New Jersey, government sold off 16 city-owned buildings, including the Newark Symphony Hall and the police and fire headquarters, to cover its debts. (Photo: Emile Wamsteker/Bloomberg via Getty Images)

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Newark, New Jersey - In 2010, the Newark, New Jersey, government sold off 16 city-owned buildings, including the Newark Symphony Hall and the police and fire headquarters, to cover its debts. (Photo: Emile Wamsteker/Bloomberg via Getty Images)

Chicago, Illinois - Demonstrating how city sell-offs can go wrong, Chicago agreed to a 75-year lease deal on its parking meters for $1.2 billion in an international deal with Morgan Stanley in 2008. The sale meant that the city longer profited from its expansive meter system, and locals in some neighborhoods were stuck paying inflated rates while investors cashed in on projected profits of more than $11 billion. (Photo: Scott Olson/Getty Images)

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Chicago, Illinois - Demonstrating how city sell-offs can go wrong, Chicago agreed to a 75-year lease deal on its parking meters for $1.2 billion in an international deal with Morgan Stanley in 2008. The sale meant that the city longer profited from its expansive meter system, and locals in some neighborhoods were stuck paying inflated rates while investors cashed in on projected profits of more than $11 billion. (Photo: Scott Olson/Getty Images)

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Dijon, France - This past January, the city of Dijon, located in eastern France and the capital of the famed Burgundy wine region, reportedly sold off half of its municipal wine cellar to help fund social programs. (Photo: REUTERS/Philippe Wojazer)

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Dijon, France - This past January, the city of Dijon, located in eastern France and the capital of the famed Burgundy wine region, reportedly sold off half of its municipal wine cellar to help fund social programs. (Photo: REUTERS/Philippe Wojazer)

Greece - As part of its bailout deal with European financial leaders, the Greek government agreed to sell off a total of 70,000 assets, including prized islands and picturesque stretches of coastline. The Greek Embassy in Holland Park, London, was also up for auction at a price tag of $28.45 million in April, according to the International Business Times. (Photo: REUTERS/Andrew Parsons)

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Greece - As part of its bailout deal with European financial leaders, the Greek government agreed to sell off a total of 70,000 assets, including prized islands and picturesque stretches of coastline. The Greek Embassy in Holland Park, London, was also up for auction at a price tag of $28.45 million in April, according to the International Business Times. (Photo: REUTERS/Andrew Parsons)