Insolvent 'Baltic International Bank' to Auction Artworks, Including Ubāns' 'Still Life'
The insolvent Baltic International Bank has announced a repeat auction of 11 artworks, including Konrāds Ubāns' painting 'Still Life' with a starting price of €4,000. Total starting price is €9,550.
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The administrator of the insolvent Baltic International Bank, Linda Sniega-Svilāne, has announced a repeat auction of the bank's art collection. According to the official notice in the "Latvijas Vēstnesis" (Latvian Herald), 11 paintings by various artists are being offered for sale.
The auction includes works by well-known Latvian artists such as Kārlis Miesnieks, Edgars Vinters, and Konrāds Ubāns. A copy of a painting by Raphael is also included. The most expensive item is Ubāns' "Still Life" (Klusā daba), with a starting price of €4,000. The total starting price for all works is €9,550.
Buyers should note that value-added tax (VAT) will be added to the purchase price. Any natural or legal person can become a buyer, provided they can prove the legal origin of funds and are not subject to sanctions. The winner will be the one offering the highest price and paying the invoice within two working days.
Written offers must be submitted by August 18, 2026. If several persons offer the same price, an auction will be held. The administrator will only contact the highest bidder.
The insolvency process of Baltic International Bank began in March 2023 when the Economic Court approved the Bank of Latvia's application for liquidation. In January 2024, the court declared the bank insolvent and appointed Linda Sniega-Svilāne as administrator. As early as December 2022, the Financial and Capital Market Commission (FCMC) had recognized the bank as being in financial difficulties and decided not to implement resolution measures.
The FCMC stated that the bank's strategy did not match its capabilities and it had long failed to ensure a profitable business model. The bank also had serious internal governance deficiencies, including in anti-money laundering compliance. In 2022, the bank reported losses of €26.773 million, while its assets fell by a third to €139.051 million. The largest shareholders are Valērijs Belokoņs (38.13%) and Vilorijs Belokoņs (21.3%).
