Indiana News

Businessman's Art Collection to be Auctioned

10/15/2010

It's no typical weekend yard sale taking place Saturday in Cleveland. The Cleveland Auction Company is putting beleaguered businessman Tim Durham's art collection up for bid.

This may be the best chance for thousands of investors to recover some small share of the more than $200 million they lost in the failure of Durham's company, Fair Financial. A judge placed the firm in involuntary bankruptcy in February.

Auctioneer Kelly Grimm maintains professional ethic by declining to predict how much the sale will bring.

"But I will say we've been getting a lot of great phone calls," she said. "We're very optimistic at the interest level."

It has been nearly a year since federal agents raided his offices in the Chase Tower in Indianapolis and in Akron, Ohio. But Durham has surrendered the prints, paintings and posters from properties in Indiana, Ohio and California. The collection includes works by Norman Rockwell, Renoir and Picasso. There's also an original Peter Max portrait of Durham himself.

"I think we would characterize it as incredibly contemporary and collected with an eye that was interested not only in quality but a wide array of subject matter," said Grimm. At least 200 people are expected to attend the sale from 10:00 a.m. to 6:00 p.m. at Trinity Hall, 2230 Euclid Avenue, Cleveland.

"Folks out in Indianapolis, if they're up for a road trip, we love all of the warm bodies we can get," she said.

You can also review the offering and submit bids on line at cleveauction.com

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