The Heffel Fine Art Auction House in Toronto is currently featuring an exhibition of 27 historic paintings from the Hudson's Bay Company's extensive art collection. This collection comprises over 4,000 items, including artworks and retail artifacts, that are set to be auctioned off as part of the company's liquidation process.
David Heffel, the President of Heffel Fine Art Auction House, highlighted the significance of provenance in determining the value of these artworks. He stated, "There is provenance in the history that art plays a role in value, and all of these paintings have tremendous provenance, and the Hudson’s Bay is that provenance." This underscores the historical importance that these artworks carry, as they were part of the legacy of the Hudson's Bay Company.
Many of the showcased paintings were previously displayed at the company's Toronto headquarters prior to the closure of the department store chain. Among the auction highlights is a notable painting titled "Marrakech," created by former U.K. Prime Minister Sir Winston Churchill. This piece is expected to reach an auction price between $400,000 and $600,000.
Another highly anticipated artwork is "Lights of a City Street," crafted by Canadian artist Frederic Marlett Bell-Smith. This particular painting, depicting a scene from 1894 on the bustling intersection of Yonge Street and King Street, is estimated to garner between $100,000 and $150,000. Heffel described it as a "fabulous" piece, stating that the artist himself is depicted within the work.
In addition to these historic paintings, the auction will feature a variety of iconic clothing and household items associated with the Hudson's Bay brand, including an assortment of coats and blankets. The funds raised from these auctioned items are intended to assist the company's creditors, who are owed nearly $1 billion.
The first online auction is officially scheduled to commence on Thursday, November 12, with multiple subsequent auctions planned in the coming weeks and months. The most significant live auction is set to take place on November 19 at the Heffel Auction Ballroom. This event will accommodate both in-person bidding and remote participation via phone and the auction website, allowing for a wider range of bidders to engage in the auction process.
As the auction dates approach, interest in both the artworks and the various Hudson's Bay artifacts is expected to rise significantly, promising an exciting event for collectors and art enthusiasts alike.
