Polaroid Auctions 279 photos for $7m to Pay Off Creditors

Given the global economic meltdown and its aftermath, we have seen a lot of unpleasant liquidation. The PIGS Crisis in Europe, Mexico in an ugly debt trap and many instances have driven economies and corporate to take difficult decisions. But a collection of Polaroid photos being sold at the drop of an auction hammer came as a weird surprise to me. We all know superb photography is not any less than any piece of authentic art, but Polaroid raking in $ 7 million from sale of 279 photos could raise eyebrows.

Sotheby Realty presented the 100 lots of rare instant photo prints in New York which were shot by ace photographers like Ansel Adams, Chuck Close, William Wegman, Robert Frank, Robert Mapplethorpe, Guy Bourdin, David Levinthal, Larry Sultan and Andy Warhol among many others. The reason for such a sale was obviously a need to pay off creditors. The fortune of the company tumbled when vital men at the instant film corporation were charged for an investment fraud which forced them to file bankruptcy.

Polaroid is expecting to fetch another $ 12 million with another set of exclusive photos. Sotheby is taking off 10% of the sales proceeds as commissions. Well, every bigwig has its share of goof-ups which is why we hope these auctions help them bounce back soon.

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