Estonian art market hopes to benefit from record auction backing Artists' Union
Estonian gallery owners and auction organisers hope that the auction held to support the Artists' Union, which was defrauded by scammers and raised a record €2.3 million, will boost interest in art. Autumn auction exhibitions are already open or about to open.
Organisers of autumn art auctions in Estonia expect a positive effect on the art market after the scandal surrounding the Estonian Artists' Union, which was deceived by fraudsters, and the auction held to ease its consequences. The auction brought the union a record €2.3 million.
The autumn exhibition at the Vernissage gallery in Tallinn features works by both classics and well-known contemporary artists. The oldest piece is a 1916 watercolour by Eduard Wiiralt, but there are also works created this year. Gallery owner Kristiina Radevall said the charity auction held earlier this month had a positive effect on the whole sector. In her words, art is very popular right now, the auction drew considerable attention, and the gallery has gained more clients and people interested in art.
The autumn exhibition at the Allee gallery is the largest in its history, with more than 260 works on display. Some of them have returned home after many years abroad, and there are also pieces by well-known artists that have never before been shown in Estonia. Allee head Katre Pärn believes Estonian art has never received so much positive attention and that this will bring new art lovers who will buy their first work.
This weekend an auction will be held by Eesti Kunsti Oksjonid, the company that acted as intermediary at the Artists' Union auction. Its representative, Orm Naarits, said that, paradoxically, the €700,000 theft benefited art, as Estonian art has never drawn as much attention as it has now.
The Haus gallery will also open its auction exhibition soon. Art market specialist and gallery owner Siim Raie expects a very rich selection of works at auctions this autumn, and the number of bidders and buyers to be higher than before. He thinks the long-term effect of the Artists' Union auction will be that people see the artworks they own have risen in value over time, and more owners will agree to sell pieces that have hung on their walls or been stored behind a wardrobe.
