The First Art Newspaper on the Net   Established in 1996 Thursday, October 29, 2020


Enron Art Collection Sold for $1.74 Million



NEW YORK.- The art collection of Enron Corporation, the bankrupt Houston-based energy trader, generated $1.74 million in auctions at Phillips , de Pury & Luxembourg , according to a story in the Bloomberg News. The total of 48 contemporary artworks, including pieces by Donald Judd, Alex Katz, Vik Muniz and Andy Warhol, sold at auctions from May through December in 2003. The highest price achieved was $405,000, paid for Claes Oldenburg’s Soft Light Switches (Enron had bought the same work at Phillips in 2001 for $574,500). Enron made $1.54 million from the auctions, and Phillips’ commission on the sales was $214,634, according to court documents. ``We’re pleased that the auction process enabled us to maximize the value of these assets for our creditors,’’ said Enron spokeswoman Karen Denne.

The collection is among dozens of assets the company has liquidated to help pay its more than $67 billion of debt. Once the nation’s seventh-largest company, Enron had a budget of $20 million to purchase art for its 50-story Houston headquarters. It appointed a three-member art selection committee, which included Lea Fastow, former assistant treasurer and wife of former Chief Financial Officer Andrew Fastow. The committee also included Barry Walker, a curator at the Museum of Fine Arts, Houston, and Ned Rifkin, who was then director of the Menil Collection and Foundation in Houston.

The most important pieces were sold during two May 2003 contemporary art sales producing $1.31 million, exceeding the high presale estimate of $1.22 million. ``We didn’t see the purchase price for the works, so it’s hard to say if they made a profit,’’ said Aileen Agopian, a specialist in contemporary art for Phillips. ``In terms of overall quality it was very high and that’s why the results were so strong.’’ More than half the collection consisted of photographs, including some that date to the early 20th Century. Three works failed to sell. ``They had a survey of strong works from the past 100 years with a contemporary slant,’’ said Joshua Holdeman, director of Phillips photography department, who handled the sales of Enron’s photos.











Today's News

October 29, 2020

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Misogyny in art? Spain's Prado pleads guilty

Baltimore Museum of Art issues statement on deaccession and future plans

The Phillips Collection announces new acquisitions

'Pioneer' octogenarian Vietnamese artist gets first solo exhibit

Tracey Emin explores love, loss and longing in new exhibition at Xavier Hufkens

New York seeks art tax whistleblowers

Amon Carter announces new acquisitions by Charles White, Wendy Red Star, Sandy Rodriguez and Justin Favela

Souls Grown Deep launches Resale Royalty Award Program for African American artists

Christie's announces Hong Kong to New York - A 20th Century Relay Auction

Carmine Bruno announces new global marketplace for high-end furniture, antiques and collectibles

Gifts from Queen Victoria to her goddaughters set to make thousands at Cheffins auction house in Cambridge

Christie's announces November Latin American Art sales

Playthings for adults and children - bears, dolls & trains - go to auction

Sullivan+Strumpf to represent acclaimed Australian ceramic artist Lynda Draper

Exhibition at Kunsthaus Graz brings together Herbert Brandl's most important groups of works

The MAXXI Bvlgari Prize exhibition is now on display at MAXXI

The Scottish Gallery presents a new collection of works by Lachlan Goudie

Black art and poetry elevate a tribute to Civil Rights leaders

Watch Ai Weiwei make history in Piccadilly Circus with hour long film presentation

Marie-Laure Fleisch exhibits work by Bettina Samson, Jennifer Tee, and Joani Tremblay

The Korean Cultural Centre UK opens a solo exhibition of work by Seoul-based artist Jewyo Rhii

Bronze of renowned racehorse formerly owned by Sir Stanley Clarke CBE to go up for auction

Cooke Latham Gallery features works by Rose Davey, Leah Guadagnoli and Erin O'Keefe





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