Record auction lets Estonian artists’ union scale back property sale plans

A record €2.3 million raised at an art auction will allow the Estonian Artists’ Association to reduce its plans to sell property, association president Maarin Ektermann told ERR.

The weekend auction featured 162 works from the association’s historic collection and donations from artists. Only three works went unsold. The proceeds almost tripled the €700,000 shortfall left by fraudsters, Ektermann said.

Prices for some works rose several times above their starting levels, with one increasing fourfold and another 13-fold. The auction had starting prices ranging from €100 to €40,000, in an effort to make it accessible to a wider range of buyers and draw attention to collecting art, Ektermann said.

Jaan Elken’s “Juhikabiin” fetched the highest hammer price, €205,000, a record for a work by a living artist. Tiit Pääsuke’s “Lapikakk” sold for €185,000. Ljudmilla Siim’s “Rõdu” reached €150,000, the highest hammer price for a work by a living woman artist. Olev Subbi’s “Keskpäev” also sold for €150,000.

Ektermann said the association had started preparing the auction over the summer as one way to recover from the crisis. Although it initially planned to include more works from its collection, it ultimately put 106 up for sale because it received more donations than expected.

She said the association did not intend to enter the art auction market or regularly sell works from its collection. After the financial fraud, it decided to try to manage the shortfall without seeking state assistance, and the collection was one of the assets it had to use.

Ektermann said she hoped the artworks would continue to be accessible to the public through exhibitions and cooperation between private collectors and museums. The sale contracts include a clause requiring buyers to be willing to cooperate, she said.

The auction exceeded the association’s required fundraising target by €1.6 million. It will first pay artists the agreed shares: 5% for works from the collection and 15% for newly donated works. After reviewing costs and repaying loans, the association plans to submit proposals to its council on how to use the remaining funds to support art and artistic life.