Estonian artists’ auction raises record 2.3 million euros

The Estonian Artists’ Association has raised a record 2.3 million euros at a support auction, ERR reported. It sold 159 of the 162 works offered, the highest total ever achieved at a single art auction in Estonia.

The proceeds will first cover losses caused by a scam in the spring, including repayment of a loan. The association said the remaining funds would support Estonian artists and the country’s art scene.

Association president Maarin Ektermann said the result exceeded expectations. The association had not expected the auction to cover the full 700,000-euro loss and had cut costs while seeking other ways to reduce its debt.

The partial sale of the association’s art collection was a one-time measure. The works were selected with experts to preserve the collection’s integrity, and starting prices began at 100 euros so that the public could take part, Ektermann said.

Artists also donated works for the auction. Some could not be included and are expected to go on sale at exhibitions in the association’s galleries at the end of the year, said Jaanus Samma, who coordinated the donations.

The three-day auction raised 23,500 euros on the first day and 786,400 euros on the second. On the third day, 80 paintings, sculptures and applied art works sold for a total of 1.5 million euros.

Jaan Elken’s painting “Juhikabiin” sold for 205,000 euros, the highest hammer price of the auction and a record for a work by a living Estonian artist. Tiit Pääsuke’s “Lapi kakk” was the top-selling work on Saturday, at 185,000 euros.

Ludmilla Siim’s “Rõdu” sold for 150,000 euros, setting a new auction record for a work by an Estonian woman artist. Olev Subbi’s “Keskpäev” fetched the same price, a record for Subbi’s work.

Artists or their heirs will receive 5 percent of the hammer price for works sold from the association’s collection. Artists who donated new works will receive 15 percent. The association said it would pay the 5 percent rate on collection works regardless of price.

The association’s board will make proposals on how to use the remaining proceeds, with some funds expected to go towards developing the collection and improving public access to it. Ektermann said the association hoped to present more detailed plans at an extraordinary general meeting on November 16.