Estonian Artists Donate Works to Emergency Auction After €700K Fraud
In October, the Estonian Artists' Association (EKL) is holding an emergency auction to recover roughly €700,000 (around R$ 4.2 million) lost to financial fraud. This fraud was discovered on May 15, when unauthorized transfers disguised as salary payments were found. To tackle this loss, the board has put together a recovery plan involving a loan, selling properties, and hosting the auction. A total of 124 donated artworks will be featured, along with select pieces from the EKL’s collection, all curated by experts to highlight key Estonian artists, including Jüri Arrak and Mari Kurismaa. The auction is set for October 8-10, following an exhibition that starts on September 18 at ARS Art City in Tallinn.
Key facts
- EKL lost approximately €700,000 (about R$ 4.2 million) to financial fraud.
- Fraud discovered on May 15, with unauthorized transfers disguised as salary payments.
- Emergency auction in October will include 124 donated works and selected collection pieces.
- Commission of art historians, critics, and market specialists selected the works.
- At least one work by each artist in the collection will be retained.
- Artists include Jüri Arrak, Enn Põldroos, Tiit Pääsuke, Leonhard Lapin, Jüri Kask, Olev Subbi, and Mari Kurismaa.
- Donors receive 15% of sale price; artists whose collection works are sold receive 5%.
- Contracts allow EKL to request works for future exhibitions.
- Exhibition opens September 18 at ARS Art City in Tallinn; auction runs October 8-10.
Entities
Artists
- Jüri Arrak
- Enn Põldroos
- Tiit Pääsuke
- Leonhard Lapin
- Jüri Kask
- Olev Subbi
- Mari Kurismaa
- Jaanus Samma
- Tyyne-Kristin Vaikla
Institutions
- Estonian Artists' Association (EKL)
- ARS Art City
Locations
- Estonia
- Tallinn
Sources
- Dasartes —