They would probably get much less than expected because as is said that many valuable works dont go up for sale at one time, so there just wouldnt be the money available to pay normal market prices for all of the collection.
It would be a fire sale which is appropriate; Detroit is burning down around the city governments ears while they fight over the ashes.
Something like this?
http://www.youtube.com/watch?v=gwfYkm5ZQd0