BCR's Daily Fishwrap Report for August 31, 2010
BCR's Daily Fishwrap Report for September 1, 2010

TBJ: Somerhill liquidation auction on Sept. 11?

Another turn in the Somerhill mess: this little tidbit in today's Triangle Business Journal:

A court-appointed trustee is seeking permission to conduct a public auction of Somerhill’s remaining inventory and belongings at 3 p.m. on Sept. 11 at the gallery’s space in the Venable Center complex on Roxboro Street.

Well, that's interesting. Not to profit on misery or anything, but hey -- if you're in the market for art, it might be a good deal. And one has to hope that the monies would go towards retiring more than $1 million in debt, including a substantial amount owed to artists who consigned work to the longtime dealer.

Note the "seeking permission" part of the paragraph. More on anything here when we know it.

Comments

Bryan Gilmer

Very interesting. Is it right that if artists truly consigned works to the gallery (that is, retained ownership and simply agreed to offer them for sale there), that they could simply walk in and take them back? I hope that's the case. If a work was sold but payment not rendered to the artist, obviously then they would be in the creditors' line in bankruptcy court. Any bankruptcy lawyers want to weigh in?

Lisa Sorg

This is an update of a story that appeared in the Indy's print edition today. I spoke with several artists, including one this morning who has not been paid for works dating back to 2006---well before the bust. Also court documents show Rowand declared personal bankruptcy in May, yet subsequently bought a 2011 Kia Soreno.
www.indyweek.com/indyweek/somerhill-gallery-declares-chapter-7-bankruptcy-owes-artists-thousands/Content?oid=1640420

The comments to this entry are closed.