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At 5 p.m. CST this afternoon, bidding closed on three separate chunks of the now-dismembered Polaroid Collection. For all intents and purposes, the dispersal of this unique, irreplaceable collection will have run its course by the end of this month. The first phase of the ill-fated Collection’s distribution in parts took place last June, through […] I’ll put my dollar on 20 Exchange Place turning the Polaroid Collection into trophy lobby decor, using it to accessorize its newly gentrified location, with perhaps a small dedicated gallery on the ground floor or in the retail area. That gallery will be rentable for social events, of course; nothing tones up a corporate cocktail party or an upscale wedding reception like world-class fine art on the walls, as museums around the country have discovered. And access to any part of the collection not on display will become so restricted that we might as well kiss it goodbye. (You read it here first.) […] John R. Stoebner, the court-appointed Chapter 7 Trustee in the PBE Corporation bankruptcy proceeding that involves the Polaroid Collection, anounced on January 3, 2010 that he has found buyers for most of the collection. This opens the way for a poential auction for the several remaining components of the Polaroid Collection, with competitive bids due no later that 5 p.m. CST on January 20, 2011 — 10 days hence. That leaves a very brief window of opportunity for any institution or other potential purchaser to submit an offer. […] At the moment it seems that the attempt to find a permanent home for the remainder of the collection is sincere. One hopes that the success of the auction does not allow greed to start to creep into the thinking of the creditors, or Polaroid’s bankruptcy trustee, John Stoebner. Hopefully they will not be asking for too much in return. There is little chance that another sale of remaining works would generate a fraction of the excitement or prices that this sale did. Not only has the cream of the crop been removed, but as has been shown with numerous second sales of supposedly rare material — like the second de Prangey sale of early daguerreotypes — these sales more often than not fall flat and never live up to expectations. […] |
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Polaroid Collection: Update 23
I find myself wondering if the malevolent ghost of J. P. Morgan himself, still furious with Edward Steichen for making that iconic 1903 portrait, lurked around JPMorgan Chase & Co. headquarters while this deal went down in order to exact revenge on the entire medium through which his murderous inner child had been evoked for all to see. […]