Picasso and Warhol items from UArts to be auctioned soon.
The University of the Arts (UArts) in Philadelphia has undergone a significant transformation following its sudden closure in June 2024. The institution’s assets, including notable properties and collectibles, have began transitioning to new ownership. This process reflects a broader trend of deaccessioning which aims to monetize valuable possessions, particularly in light of the institution’s substantial debt.
Among the assets sold is part of UArts’ esteemed library collection, encompassing rare prints and books, now entrusted to Freeman’s | Hindman, a Philadelphia-based appraisal firm. This acquisition occurred as part of their established relationship over the years, demonstrating the intricate networks within the art and auction world. Recently, Freeman’s held an auction featuring 38 items from UArts’ rare books collection, ultimately netting 3,328 from private collectors.
Highlighting the auction were remarkable items such as a first edition of “Picasso,” a biography of the renowned artist signed by Pablo Picasso himself, and an exclusive artist portfolio titled “Oberflache” by Josef Albers. The latter is particularly notable as it consists of signed and dated works beneath his geometric abstractions, with only 120 copies existing worldwide. The auction also included artist books from figures like Ann Kalmbach and Dieter Roth, along with an initialed version of Andy Warhol’s autobiography.
This auction event is only the first of several planned sales, with more items anticipated to be released in the future. The value of items sold has been optimized, with Freeman’s focusing on the most prized possessions initially. The need to generate revenue is urgent, driven by UArts’ financial obligations. The school’s total debt is reported to be approximately million, prompting court proceedings that allow the bankruptcy trustee, Alfred T. Giuliano, to dispose of lesser assets he deems unnecessary for settling these debts.
In related developments, a comprehensive collection of UArts archival materials, potentially containing close to one million records, recently became part of the Historical Society of Pennsylvania’s collection without any financial exchange. This collection, which includes a myriad of artifacts such as student portfolios and rare photographs, represents the largest acquisition by the society to date.
The final sale of all nine properties owned by UArts in Center City was concluded by July 2024. Previous endeavors such as a pop-up sale hosted by Kensington’s Thunderbird Salvage offered items from the UArts’ Anderson Hall, ensuring that belongings of former students are returned free of charge.
The complexities surrounding UArts’ bankruptcy and asset liquidation underline the challenges faced by institutions in the arts sector, reflecting a delicate balancing act as they navigate financial realities while preserving their legacy. As the situation continues to unfold, the impact on the broader arts community remains to be seen, prompting ongoing discussions about the future of cultural institutions in a shifting economic landscape.
For detailed auction results, visit Media News Source.
