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There is no clear disposition of the roughly 14,300 less valuable objects, which remain in the hands of whoever runs Polaroid as of August 31, when Polaroid converts from Chapter 11 bankruptcy to Chapter 7. (Friday, August 28 is the last day for all employees, though some will transfer roles and become contractors.) Sotheby’s has, apparently, offered to serve as an agent for institutions that might want to acquire the collection. Although earlier attempts to find buyers, with the 1700 “cream” works still part of the bargain, met with no acceptable offers, the auction house now has the freedom to go through the entire collection and make unspecified further arrangements regarding the items it has been given permission to auction. […] |
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Polaroid Collection: Update 8
Given that a single Steichen print went for close to $3 million just a few years back, and a single Gursky sold for over $3 million shortly thereafter, the notion that no one in what Maneker calls “the photography market” can afford to buy the Polaroid Collection is laughable on its face. If price is no object, then what is? This brings me to the logical conclusion that every potential buyer has discovered in examining the collection’s documentation that the bulk of it is contractually encumbered in ways that prohibit (or at least problematize) its sale, thus also making perilous its purchase as a whole. . . . […]