Toyota now officially has something in common with George Clooney (or at least his Monuments Men character) as the automotive world and the art world collide for a good cause. On August 6th, Toyota announced plans to donate $1 million dollars to the Detroit Institute of Arts. The museum, along with the State of Michigan and other foundations, have agreed to pull together to raise over $816 million dollars to put toward the "grand bargain" in Detroit's bankruptcy case.
A little backstory: Detroit's weak economy is starting to affect retirement pensions. One solution proposed is to auction off the art in Detroit's museums in order to save pensioners' livelihood. A terrible fate on both ends, the federal judge in charge of the city's bankruptcy proceedings, Judge Gerald Rosen, has floated a plan that would save both the pension funds as well as the priceless art. According to NPR, "[Judge Rosen's plan] is called Detroit's 'grand bargain.' He's calling on philanthropists, foundations and other private donors to help save the city's pension funds. If they step up, DIA's art could be spared from the auction block...the money raised would free the museum from city control, and the city could use that money for pensions."
The head honchos over at Toyota cottoned to the idea immediately. Simon Nagata, president and CEO of Toyota Motor Engineering and Manufacturing, said that the Detroit area is "vitally important to the automotive community." And that's not all: This great act of goodwill has given the folks at Toyota such wonderful warm and fuzzies, Toyota is planning to increase their philanthropic involvement in South East Michigan going forward, according to Nagata.
Detroit's bankruptcy trial is scheduled to begin on August 21st, so let's all keep our fingers crossed that this story of art and autos will have the happy ending it deserves.
