What Enron hoped would be a world-class collection of contemporary art promoting its cutting-edge image will go on the block next month.
The first round of the auction, approved by a U.S. bankruptcy judge on Tuesday, is scheduled for May 15-16 in New York. Up for sale will be the most valuable pieces, including Claes Oldenburg's Soft Light Switches and nine other artworks.
About 50 other pieces will be auctioned by Phillips de Pury & Luxembourg in the fall.
Much of the collection was bought by an in-house art committee, chaired by Lea Fastow, wife of indicted former Chief Financial Officer Andrew Fastow. Given a $20 million budget, she traveled to New York; Venice, Italy; and elsewhere in search of pieces.
The spree continued from late 2000 to the following fall, when Enron went into the tank and shopping was stopped, having spent about $4 million.
"It's like The Beverly Hillbillies," said Hiram Butler, co-director of the Devin Borden Hiram Butler Gallery in the Heights. "What's not fun -- flying around, buying art?"
Examining a partial list of the artists and pieces represented in the collection, Butler, who specializes in contemporary art, "I'm wondering, 'Who are these guys?' "
Five pieces that will be auctioned May 15 are the highlights "are all 'A' quality" representative pieces of contemporary genres, including pop, op (for optical) and minimalism, said Amalia Dayan, a contemporary art specialist at Phillips de Pury.
The majority of the collection, to be auctioned this fall, is "lower value work," Dayan said. "It was a corporate collection. You have huge spaces you have to fill with art. When you have to fill huge spaces, you buy less valuable art. You combine that with a few quality examples."
Oldenburg's Soft Light Switches, a vinyl pop sculpture of what appears to be a melted light switch, is by far the most valuable piece in the collection. Enron bought it from Phillips de Pury three years ago for about $590,000, including commission.
Light switches, energy company — get it?
Effortlessly mixing the sublime with the banal, Enron's hamburger-helper art collection will be auctioned instead of looted, as if that makes any difference at all to the acquirers of such fabulously expensive objects.
I picture Lea Fastow in a Venetian gallery, haggling over price in louder and louder English with an Italian dealer. Ugly art for ugly Americans.
The Enron quote of the day for these "Beverly Hillbillies" is "What's not fun -- flying around, buying art?" For a contemporary art expert with a sense of humor, I give a lot of credit to the immediately likeable Hiram Butler.
Image credit: Phillips de Pury & Luxembourg, who receives luscious commissions on both the original purchase and the subsequent auction of many of these artworks.
May 1, 2003 UPDATE: Photos at this post: Lea Fastow is charged and surrenders to federal authorities.
