A total of 159 works were sold, representing 98 percent of the 162 works put up for auction.

Thanks to the auction, the association will be able to repay the losses incurred through a fraud scheme ahead of schedule, while all remaining proceeds will go toward supporting Estonian artists and the country's art scene, EKL said.

According to EKL President Maarin Ektermann, the auction's results exceeded all expectations.

"When planning the auction, we didn't dare hope it would cover the entire €700,000 loss, as art auctions are unpredictable. That's why we cut the association's expenses and looked for other ways to free ourselves from the debt burden. But thanks to the people who decided to purchase treasures from the art collection and donated works, showing such strong support for the artists and the association, we can now repay our obligations ahead of schedule and develop plans for how best to support our members and Estonia's art scene," Ektermann said.

The partial sale of the art collection was an exceptional step that could only be taken once in this form.

"We knew from the outset that this was a one-time decision. That's why it was important to us to organize a public auction where everyone would have an opportunity to acquire works from the collection, with starting prices as low as €100," Ektermann said. "Together with experts, we selected the works very carefully to preserve the integrity of the collection. Far fewer works went to auction than we had originally planned, which made the result all the more surprising."

Jaanus Samma, who coordinated the artists' donations, said the artists who donated their works to the auction deserve special thanks.

"Not all the works could even be included in the auction and those remaining will be offered for sale at a separate exhibition in EKL's galleries at the end of the year," Samma said.

Historic records

The auction raised €23,500 on the first day and €786,400 on the second, while 80 works from the third day's selection of paintings, sculptures and applied art sold for a total of €1.5 million.

On Saturday, Tiit Pääsuke's "Lapi kakk" fetched the highest price of the day at €185,000.

The highest hammer price of the entire auction went to Jaan Elken's painting "Juhikabiin," which sold for €205,000. This is the highest price ever paid at auction for a work by a living Estonian artist.

Ludmilla Siim's "Rõdu" set a new auction record for a work by an Estonian female artist, selling for €150,000. Olev Subbi's "Keskpäev" sold for the same amount, setting a new auction record for the artist.

Art market expert Tiina Määrmann said she was particularly pleased that the works' art historical significance was positively correlated with their market value.

Where will the proceeds go?

The auction proceeds will primarily go toward covering losses incurred as a result of the fraud scheme in the spring, including repaying a loan. A portion of the proceeds will also be paid to artists: the creators of works sold from the association's art collection or their heirs will receive 5 percent of the hammer price, while artists who recently donated works will receive 15 percent.

"Although the resale royalty rate under the Copyright Act drops to 3 percent for more expensive works, we will pay the creators of works sold from our art collection 5 percent regardless of the hammer price," Ektermann said.

The association will use the remaining proceeds in accordance with its statutes, which stipulate that EKL's mission is to support Estonian artists and the country's art scene. The management board will submit proposals on how to use the funds to the association's council and some of the money will be allocated to developing the art collection and making it more accessible to the public.

"We want decisions to be made openly and together with our members. We hope to present more detailed plans at the extraordinary general assembly on November 16," Ektermann said.

The Estonian Artists' Association, in cooperation with Eesti Kunstioksjonid OÜ, held an extraordinary art auction from October 8 to 10, offering 162 works from the association's collection and recent donations by artists. The selection ranged from paintings and graphic art to photographs, sculptural objects and textile art. The association selected the works together with an expert committee comprising art historians, critics and art market specialists.

The association organized the auction to cover losses caused by financial fraud. On May 15, 2026, the association discovered that nearly €700,000 had been transferred out of its bank accounts as part of a criminal scheme.

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