Full Breakdown
Hudson's Bay Art Collection Auction Achieves Record Sales in Toronto
11/20/2025, 4:48:44 AM
Auction Overview and Highlights
On November 19, 2025, a significant auction of 27 pieces from the Hudson's Bay Company's (HBC) art collection took place at Heffel Fine Art in Toronto, generating a total of $5.9 million, including buyer's premiums. The auction featured notable works, including "Marrakech," a painting by former British Prime Minister Sir Winston Churchill, which sold for $1.3 million, far exceeding its estimated value of $400,000 to $600,000. Auctioneer David Heffel noted the event's historic significance as HBC, Canada's oldest retailer, liquidates its art and artifacts collection amid insolvency proceedings.
Key Sales and Records
The auction showcased several record-breaking sales, including:
- "Tracking on the Athabasca" by Walter Joseph Phillips, sold for $37,500 (estimate: $15,000 to $25,000).
- "Hudson's Bay Company York Boats at Norway House," also by Phillips, fetched $130,000 (estimate: $15,000 to $25,000).
- "Chief Trader Archibald McDonald Descending the Fraser" by Adam Sherriff Scott sold for $300,000 (estimate: $7,000 to $9,000).
- "Lights of a City Street" by Frederic Marlett Bell-Smith achieved $575,000 (estimate: $100,000 to $150,000).
- "Three Hudson's Bay Company Ships in the Thames" by Francis Holman sold for $375,000 (estimate: $6,000 to $8,000).
The auction's success was attributed to the high level of interest from both in-person and online bidders, with many items selling for significantly more than their estimated values.
Background and Context
The auction is part of HBC's broader strategy to generate funds following its filing for creditor protection earlier in the year. The company has been working to pay off approximately $1.1 billion owed to creditors. The collection being auctioned includes art commissioned by HBC from the 1920s to the 1960s, reflecting the company's historical significance in Canada.
Criticism and Opposition
While the auction was celebrated for its record sales, some critics expressed concern over the potential loss of Canadian heritage. Dorota Blumczynska, CEO of the Manitoba Museum, stated that while the museum would not be bidding due to budget constraints, it would be honored to receive any relevant items that align with its collection.
Official Statements
David Heffel remarked on the auction's success, stating, “We knew the sale was going to be very successful, but that was a watershed moment for the Canadian art market.” He emphasized the emotional significance of the event, reflecting on personal memories associated with HBC.
What's Next
Following this auction, HBC plans to continue selling its remaining art and artifacts through a series of online auctions, which will extend into the following year. The next auction is expected to include additional pieces from the collection, further contributing to HBC's efforts to settle its financial obligations.
Verbatim Quotes
- “It’s going to be exciting in the ballroom, but we’ve also beefed up our broadcasting pipe because we anticipate we’ll have a record number of viewers across Canada and around the world,” — David Heffel, Auctioneer
- “Thank you to HBC for the honour,” — David Heffel, Auctioneer
This auction marks a pivotal moment in the Canadian art market, highlighting the intersection of commerce and cultural heritage as HBC navigates its financial challenges.
