Hudson’s Bay Plans Artifacts Auction

Hudson’s Bay Co. (Toronto) has unveiled plans to seek court approval to conduct an auction of its most historically significant art and artifacts.

Recognizing the cultural and historical value of these items — including the company’s Royal Charter and other artifacts deeply intertwined with Canadian history — HBC and its financial advisor, Reflect Advisors LLC, have decided to hold the auction apart from the broader Sale and Investment Solicitation Process (SISP) the retailer is going through under Canadian law. (The historic retailer, founded in 1670, filed for protection from creditors last month.)

“This approach ensures that the care, consideration, and expertise required for these pieces can be fully prioritized through a separate process facilitated by a fine art auction house with the assistance of HBC and Reflect Advisors LLC,” the company’s release stated.

The company’s announcement did not say specifically how many items will be made available. But in its coverage of the news, The Canadian Press reported that a source familiar with the auction process not authorized to speak publicly said the company has 2500 artifacts and 1700 pieces of art to auction off. The art is mostly paintings, some of which date back to 1650, while the artifacts include point blankets, paper documents and collectible Barbie dolls.

The Bay hasn’t said how much it hopes to raise from the auction or specifically what the money would be used for. One possibility would be to funnel such funding to the operation of the six stores the retailer has left open.

Those stores “are seeking a long-term lifeline,” The Canadian Press noted. “Sales of art and artifacts could back off creditors and prolong those six stores’ run.”