Should public art be sold to pay off public debt?

From Detroit, to Madrid, from Athens to Lisbon ... debt-ridden governments that have dared to muse about selling national, historical, cultural artifacts have faced the wrath of the people and the sting of the courts. In our Project Money, we focus on Portugal where they are still eyeing the auction block.

Priceless Art Gets a Price Tag

Portugal's Joan Miró collection is scheduled for an auction sale in June. Joan Miró's works once belonged to the failing bank, BPN. The government of Portugal bailed out the bank, took possession of the collection, and now could make an estimated $50 million for Portugal by selling the paintings.

Like many countries and cities with crippling debt, Portugal is struggling over what do with valuable art that could raise money... but that many argue is part of the country's heritage.

Today, as part of our Project Money, we look into the value of art, and ask if it is right for governments to use to art as capital to pay down debt.

Anabela Reis is a reporter with Bloomberg News and she was in Lisbon.

The Detroit Institute of Arts has a vast collection is owned by the city of Detroit, and is often hailed as the city's crown jewel. But after Detroit declared bankruptcy in July 2013, the city's emergency manager went looking for every means possible to raise revenue to repay Detroit's debts... including a plan to have the DIA's collection appraised and - possibly - eventually sold. This sparked a fierce opposition. Protests took place on the streets and the fight went to court. Then, in January, a group of national and local groups came forward with a pledge of $330-million and promises of more funding that would protect the DIA by transferring ownership from the city to a non-profit group.

Mariam Noland is the president of the Community Foundation for Southeast Michigan, one of the groups administering that group, called the Fund to Support Detroit's Retirees, Cultural Heritage, and Revitalization.

There are still hurdles that need to be overcome before the DIA is completely safe from the prospect of being sold. Graham Beal is the Director of the Detroit Institute of Arts. He was in Detroit.

To many in the art community, the selling of public works of art can set a dangerous precedent. Blake Gopnik is a former art critic for the Globe and Mail and The Washington Post, and now critic-at-large for ArtInfo.com. He was in New York.

We requested an interview with the Portuguese government but did not get a response.

What are your thoughts on this discussion? Is this a good way to pay down national debt?

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This segment was produced by The Current Lara O'Brien and Catherine Kalbfleisch.