The sale of the Baltic Exchange’s iconic sea nymph statue has been pulled after news of its auction drew ire from the organisation’s members.
The bronze fountain had been listed in a Bonhams auction series titled The Connoisseur’s Library Sale in London, slated for 15 and 16 February.
The Baltic Exchange told TradeWinds: “The auction of the Baltic fountain to raise funds towards a new Baltic Exchange lifeboat has been postponed as we carefully review the decision.
“The concerns raised by a number of current and former Baltic members need to be balanced against the practicalities of our temporary move from St Mary Axe; our 2023 return as a tenant on the second floor and the opportunity to raise a significant sum for charity.”
The auction house confirmed to TradeWinds that the statue has been withdrawn from the sale at the request of the Baltic Exchange, which Bonhams said is “revisiting” its plans.
There are not yet any plans to sell the statue at a later date and Bonhams said it is awaiting the Baltic’s final decision on the statue.
The reserve bid was set at £30,000 ($40,269) but the statue could be worth up to £40,000, according to estimates. The listing has since been removed from the Bonhams website.
Members have taken issue with the reasoning for the sale given by the Baltic and have said that selling the statue smacks of “selling off the family silver” — even if it is for charity.
The Baltic Exchange told TradeWinds in January that all proceeds from the sale will go towards supporting lifeboats at Salcombe, Devon.
Others in the shipping industry have been considering a more activist approach to securing the statue’s future for the UK maritime industry.
TradeWinds understands that there has been interest from different parties clubbing together or raising funds to buy the statue for display in the National Maritime Museum in London.
Other shipping companies have been interested in buying the statue for their private collections, TradeWinds has heard.
News of the upcoming auction was broken by TradeWinds two days before Baltic members were informed in an internal newsletter. This has left some questioning why they were not informed sooner by the organisation.
The iconic bronze statue was created by the famous British sculptor Edwin Whitney-Smith in 1907.
It was commissioned and given to the Baltic by its then chairman Edward Power. He and his son Edward John Power were merchants who were members of the Baltic for many years.
The Baltic’s St Mary Axe headquarters are currently being refurbished and the organisation expects to move back into the building as a tenant in 2023. The Singapore Exchange completed a leasehold sale of the property in December.
“Unfortunately the fountain could not be incorporated into the new ground floor design of the building. It weighs several tonnes and is about 2.5 metres tall, making it almost impossible to install on the second floor,” the Baltic said.
