Mainland China's largest auction house, Poly International Auction, said it is ready to spend up to US $1 billion to buy Chinese art works from the Detroit Institute of Arts in Detroit, USA.

Poly is bidding against three other firms that showed interest to purchase a portion of Detroit's world-class art collection, including Chinese art works, that are reportedly on sale as Detroit is bankrupt and needs to pay off US $18 billion it owes creditors.

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One of the potential sources of fund that the city considers is its valuable art collection. One of the city's creditors has solicited bidders for the entire or portion of Detroit's art collection currently housed at the Detroit Institute of Arts, one of the world's greatest museums.

Worl's Third-Largest Auction House

Poly International Auction, the third-largest auction house in the world next to Christie's and Sotheby's, has been on a buying spree to regain Chinese art works and treasures that are now in foreign hands.

Among its art collection are the bronze-cast heads that were taken by foreigners from the Old Summer Palace in the 19^th century.

It is not oftentimes that auction houses bid for art works from other museums but in a bid to secure important works of art, auction firms offer to buy the collections before these go to regular auctions.

Detroit's Art Collection is Worth US $2 Billion

The Detroit Institute of Arts has a collection that is estimated to be worth around US $2 billion, including art works by Rembrandt, Van Gogh, Picasso, Warhol, Francis Bacon and several Chinese works.

Poly Auction is owned by by Poly Culture Group, the owner of Poly Culture, which runs performance theaters in China. The group earlier announced plans to raise some US $331 million in a Hong Kong initial-public offering.