Bay Company Hudson aims for court approval to conduct an auction for its 1670 Royal Charter.
Hudson's Bay, the iconic Canadian retailer, has announced plans to auction off a significant portion of its art collection and founding charter. The eBay-style auction, scheduled for November, will take place both online and in-person at Heffel's Toronto site.
The collection includes 1,700 pieces of art and over 2,700 artifacts, ranging from paintings dating back to 1650, point blankets, paper documents, and collectible Barbie dolls. Three artifacts from the collection are currently on loan to an undisclosed museum.
The highlight of the Copart auction is Hudson's Bay's founding charter, issued by King Charles II in 1670. The charter, which granted the company rights to a vast swath of land spanning most of Canada, has been moved to an undisclosed facility.
The auction is facing opposition, with some expressing concern about the potential for Indigenous nations to participate. In response, Hudson's Bay has pledged that 24 artifacts believed to be of Indigenous origin or heritage will not be part of the eBay login auction and will be returned or donated instead.
The charter's future is the subject of a court hearing on September 25, where Hudson's Bay will seek permission to sell it through a separate process from the eBay login auction. The Weston family of Loblaw Cos. Ltd. had offered $12.5 million for the charter, intending to donate it to the Canadian Museum of History. However, DKRT Family Corp, owned by David Thomson, objected to the Weston sale and is willing to spend at least $15 million on the document, planning to donate it to the Archives of Manitoba.
Hudson's Bay has also been in discussions with Canadian institutions and veteran's associations to ensure the proper donation and display of four war memorials located at various Bay stores and two held in storage. Lawyer E. Patrick Shea, who is involved with the 48th Highlanders of Canada and the RCAF Foundation, has expressed interest in saving two war memorials commemorating Bay and Simpsons workers who died in the Second World War.
In addition to the charter and art collection, Hudson's Bay is also planning to auction off 1,700 pieces of art and over 2,700 artifacts. Interested parties must submit bids of no less than $15 million, and the charter will be auctioned off on October 15. DKRT has committed to being the opening bidder with an offer of at least $15 million.
The auction for the art collection, excluding the charter, is planned for Nov. 12 (online) and Nov. 19 (in-person) at Heffel's Toronto site. The proceeds from the auction will help the company as it navigates through creditor protection.
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