What lesson can we extract from this? When an institution that houses any important photo/art collection gets into financial trouble, the photo/art community needs to sound an alert and, collectively and aggressively, monitor the situation and seek solutions thereto. The earlier the better. […]
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Should the collection get dispersed via auction or other sales, then the potential for research into Polaroid photography diminishes immediately and dramatically. The collection as presently constituted has an obvious synergy on numerous levels: it embodies a history of creative use of a particular cluster of tools, materials, and processes over six decades; it shows how different picture-makers used the same medium and the same materials; it represents the tangible cumulative result of an unparalleled program of corporate support of the arts; and it reflects the curatorial and sponsorial decisions of a sequence of thoughtful figures empowered by Polaroid to subsidize production and gather the consequent output. . . . […] Certainly no one expected any corner of the photo world to become entangled in the elaborate, byzantine schemes that have made headline news recently and brought down investment scammers such as the visibly non-archival Bernie Madoff. But that’s exactly what’s happened to the Polaroid Collection, which now faces a distinctly uncertain fate. It’s caught up in the international fiscal crisis — because Polaroid’s assets were purchased in 2004 by alleged Minnesota Ponzi schemer Tom Petters, presently in jail and awaiting trial on these charges in September 2009. Under these circumstances, title to ownership of the works isn’t clear; it seems likely the Petters fraud case will drag on for years, leaving the collection in limbo until it concludes. . . . […] |
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Polaroid Collection: Update 20
Sotheby’s auction of the Polaroid Collection will start tomorrow evening, Monday, June 21, following six days of previews. The auction will have four sessions: the first tomorrow, starting at 5 p.m., the remaining three on Tuesday, June 22. I hope it goes well — for the sake of Sotheby’s; for the sake of the creditors on whose behalf Trustee John R. Stoebner obtained the Minnesota Bankruptcy Court’s permission to hold the auction; and, most of all, for the market for photography. Poor results would serve no one’s interest, including mine. Indeed, I’d be delighted to see this sale set new records for some of the photographers involved. […]