Estonian Artists' Association auction raises record €2.3 million

An auction held by the Estonian Artists' Association, which sold works from the organisation's own collection alongside pieces donated by artists, raised a record €2.3 million. The sale was organised to help the association climb out of a financial hole created by fraudsters, according to the Russian-language service of Estonian public broadcaster ERR.

For many artists the event offered a chance to set personal price records. Its importance went beyond the sales figures, however: the proceeds could help the association overcome its financial crisis.

How the money will be used

Association president Maarin Ektermann told the public broadcaster's programme "Aktuaalne kaamera" that artists will first be paid their share, after which the costs of organising the auction will be reviewed. Once the loans have been repaid and the crisis is behind it, the board will put proposals on distributing the remaining funds to the association's council.

Besides clearing debts, the association has other goals that require extra funding. One priority is attracting audiences. Ektermann said the first aim is to finance the digitisation of the art collection and make it more accessible, which could mean programmes, tours, exhibitions and other initiatives.

Artists' share

Under the auction terms, authors receive only a small part of the proceeds: 5% of the final price for works from the association's collection and 15% for works donated specifically for the sale. Artist Kristi Kongi considers this approach fair. She said she had been ready to receive nothing at all and therefore sees it as a very generous gesture by the association.

In Kongi's view, the record sales reflected not only a wish to support the association in a difficult moment but also recognition of the value of the works. She described a painting by Tiit Pääsuke, sold for €185,000, as an exceptional work and a true pearl of Estonian art.