Informed bidding drove record price for Jaan Elken painting

Informed buyers competing for a rarely available work drove the record price for Jaan Elken’s painting Juhikabiin, Haus Gallery owner Piia Ausman told ERR.

The painting sold for a hammer price of 205,000 euros at an extraordinary Estonian Artists’ Association auction, setting a record for a work by a living Estonian artist. The auction raised 2.3 million euros in total and was organized after a 700,000-euro loss linked to financial fraud at the association.

Ausman said Elken’s hyperrealist period was especially significant in his career, but works from that period rarely change hands. The artist no longer owns any, and few are available from private collections, making the sale a rare opportunity. She said the price reflected competition among buyers who understood the work’s value.

Ausman said the auction’s publicity and attention to the 700,000-euro loss helped make it a major public event. She described the outcome as both financially and morally beneficial, saying it had prompted the association to review its management and communicate its role more clearly. She also hopes the proceeds will help improve the association’s IT platforms so its collection can be viewed online.