OREANDA-NEWS.  June 09, 2014. Snoras Bankruptcy administrator has successfully sold four pictures from the bank's collection at the first auction.

Two of them were sold for more than was the starting sale price and the other two for their initial valuation price. The painting called Elephant by a tandem of Belarusian artists Vladimir Chesler and Sergey Voychenko was sold at the price more than two times higher than valuation. The earnings from the sale of artwork totalled more than LTL 14,000.

A second sale auction of the bank's collection will follow once the prices for the other 23 paintings by Lithuanian and foreign artists are reviewed.

"Pieces of art are specific assets and I am glad that the sale of paintings began successfully and has helped us to repay to the creditors more than was expected when starting sale prices were being set. I believe that all artwork owned by the bank will find its buyers as the collection for sale is very diverse and contains works by acclaimed artists," Neil Cooper, Snoras Bankruptcy administrator, said.

Apart from the painting "Elephant" by the said Belarusian tandem, the first auction of the Snoras art collection also sold the painting entitled Dancer filled up with fish by the Lithuanian modernist Linas Cicenas. Notice was also taken of the drawing Mezza Vocce by the Estonian graphics artist Tatyana Dishchenko and the painting Still-life with a bouquet of flowers in a vase by Alvydas Petkevicius.

The Snoras art collection is comprised of works by different Lithuanian and a few Belarusian and Estonian artists. It also contains 12 abstract impressionist paintings by the Lithuanian artist Adomas Galdikas from the first half of the 20th century. All the paintings for sale were owned by the bank and used to hang on the walls at its headquarters and other subdivisions. For artwork for sale and passports please visit snoras.com/lt/art.