Displaying items by tag: sell

In an effort to curb the massive debts accrued by the American Folk Art Museum’s former chairman, Ralph Esmerian, the institution has decided to sell over 200 works from its collection at an auction at Sotheby’s. Esmerian, the former owner of the jewelry company Fred Leighton, is currently serving a six-year jail sentence for wire fraud and other charges.

In 2005, Esmerian promised to donate 263 works from his illustrious collection to the Folk Art Museum. However, he used some of those same works as collateral to secure multi-million-dollar loans with Christie’s and Sotheby’s. Late last month, Manhattan’s U.S. Bankruptcy Court arranged a settlement with the museum allowing the Folk Art Museum to keep 53 of the promised works as long as they enhance the institution’s collection and aid its educational mission. The remaining works, which include paintings, sculptures, scrimshaw, and needleworks, will be sold at Sotheby’s.

The trustee responsible for liquidating Esmerian’s estate has decided to sell the remainder of the collection through Sotheby’s, much to Christie’s dismay. Christie’s filed an objection to the settlement on March 15, 2013 claiming that Sotheby’s intimidated the trustee into choosing them to host the important auction.

The Esmerian sale will be held in December 2013 or January 2014 and the profits will go towards repaying the creditors the former chairman defrauded.    

In February, the Fred L. Emerson Foundation and the Seward House Museum in Auburn, New York announced that they would sell a significant painting by the English-born American artist and founder of the Hudson River School, Thomas Cole (1801-1848). The sale of the work, titled Portage Falls on the Genesee (1839) is intended to benefit the institution, which opened to the public in 1955 and became a registered National Historic Landmark in 1964.

Portage Falls was given to the American politician William H. Seward while he was the governor of New York prior to the Civil War. Seward went on to serve as Secretary of State under Abraham Lincoln and Andrew Johnson and after his death his home and its contents were donated to the Fred L. Emerson Foundation. The Foundation opened the Seward Museum but it became a fully independent, not-for-profit institution in 2009; the Cole painting was retained by the foundation.

The work, which depicts what is now Letchworth State Park in western New York, has been on view at the Seward Museum for 170 years and not everyone is pleased with the Foundation’s decision to sell it. A group known as the Seward Legacy Preservation has formed and will hold their first meeting at the Auburn Public Theater in Auburn, New York on Monday, April 29, 2013. Members of the organization, which include descendants of Seward, will fight to restore the painting to its former place in the Seward House. The painting is currently being kept in a secure storage location.

Portage Falls is said to be worth millions of dollars, which the Foundation and the Seward Museum plan on splitting when the painting sells.