Estonian Artists’ Association raises record €2.3 million at auction

The Estonian Artists’ Association raised a record €2.3 million at its fundraising auction, selling 159 of the 162 works offered. ERR reported that the total is the highest ever achieved at a single art auction in Estonia.

The proceeds will first cover losses caused by a fraud scheme this spring, including repayment of a loan. The association said it would then use the remaining funds to 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 entire €700,000 loss, and had reduced costs while looking for other ways to clear its debt.

The auction included works from the association’s collection as well as pieces donated by artists. Ektermann said selling part of the collection was a one-time decision. The works were selected with experts to preserve the collection’s overall integrity, and starting prices began at €100 to make the sale accessible to the public.

Jaanus Samma, who coordinated the artists’ donations, said some donated works did not fit into the auction. They will instead be included in a separate exhibition and sale at the association’s galleries at the end of the year.

Jaan Elken’s painting “Juhikabiin” achieved the auction’s highest hammer price, selling for €205,000. The association said this was the highest auction price ever paid for a work by a living Estonian artist. Tiit Pääsuke’s “Lapi kakk” sold for €185,000. Ludmilla Siim’s “Rõdu” set a new auction record for a work by an Estonian woman artist at €150,000; Olev Subbi’s “Keskpäev” also sold for €150,000, his highest auction price to date.

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

Artists or their heirs will receive 5% of the hammer price for works from the association’s collection, while artists who donated works will receive 15%. The association said it would pay the 5% rate for collection works regardless of price, even though the resale royalty rate under copyright law falls to 3% for more expensive works.

The association’s board will propose how to use the remaining proceeds to its council. Some of the funds will go toward developing the collection and making it more accessible to the public. Ektermann said the association hopes to present detailed plans at an extraordinary general meeting on November 16.