There were no bids made on the photographs still at Sotheby’s. This cluster, named the “Sotheby’s Assets” by the court, had a minimum bid figure of $556,750 during the earlier bidding period. It’s my understanding that this lot includes some 685 works, among them the ones withdrawn just prior to the auction due to the campaign to stop the auction, those that went unsold at the auction, and presumably some others brought down from storage in Somerville to Sotheby’s in anticipation of the auction but for various reasons not included therein. […]
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At 5 p.m. CST this afternoon, bidding closed on three separate chunks of the now-dismembered Polaroid Collection. For all intents and purposes, the dispersal of this unique, irreplaceable collection will have run its course by the end of this month. The first phase of the ill-fated Collection’s distribution in parts took place last June, through […] I’ll put my dollar on 20 Exchange Place turning the Polaroid Collection into trophy lobby decor, using it to accessorize its newly gentrified location, with perhaps a small dedicated gallery on the ground floor or in the retail area. That gallery will be rentable for social events, of course; nothing tones up a corporate cocktail party or an upscale wedding reception like world-class fine art on the walls, as museums around the country have discovered. And access to any part of the collection not on display will become so restricted that we might as well kiss it goodbye. (You read it here first.) […] John R. Stoebner, the court-appointed Chapter 7 Trustee in the PBE Corporation bankruptcy proceeding that involves the Polaroid Collection, anounced on January 3, 2010 that he has found buyers for most of the collection. This opens the way for a poential auction for the several remaining components of the Polaroid Collection, with competitive bids due no later that 5 p.m. CST on January 20, 2011 — 10 days hence. That leaves a very brief window of opportunity for any institution or other potential purchaser to submit an offer. […] |
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Polaroid Collection: Update 25
At the request of court-appointed Trustee John R. Stoebner, charged with the task of recovering as much money as possible for the creditors of the collapsed Ponzi scheme created by the now-jailed Tom Petters, the Minnesota Bankruptcy Court has approved the transfer of the cluster of works known collectively known as the “Sotheby’s Assets” from Sotheby’s in New York City to Swann Auction Galleries in the same metropolis, for inclusion in a series of auctions, beginning with one coming up in April 2012. […]