A Japanese ivory netsuke of a reclining rat, one of the pieces of Japanese artwork being auctioned off by the failed Bank of Lincolnwood.
By Becky Yerak
| Japanese artwork and space memorabilia owned by the failed Bank of Lincolnwood and appraised at more than $30,000 is being auctioned by the Federal Deposit Insurance Corp.
The auction, being run by Rick Levin & Associates, continues through April 28.
Assets include Japanese ivory miniature sculptures of such subjects as: a recumbent boar with its “ludicrously extended snout raised heavenwards”; a reclining rat with bulging eyes and a baby rat on its tail; and a warty toad crouching on a stump. All three are starting at $480 apiece.
Other items include a framed patch signed “This patch was on board
Apollo 13 spacecraft on the flight around the moon, 11-17, April 70. Jim
Lovell, Commander.” Its current bid is $280.
Also available is a photograph of inventor Thomas Edison. The frame is
damaged and its current bid is $60.
Among the pricier items are an $1,890 pipe holder and tobacco box
hand-carved out of wood and featuring inlaid ivory and mother of pearl.
In June 2009, Bank of Lincolnwood, which was led by Clyde Engle and had two branches and $214 million in
assets, was closed by regulators. Republic Bank of Chicago, Oak Brook,
assumed its deposits and assets. At the time, the FDIC estimated that
the cost to its insurance fund would be $83 million.
Here’s a link to the Web site where the Bank of Lincolnwood products can
be found.
A couple of comments:
1. Why did a bank get into the business of collecting arts? This might explain why the bank failed.
2. It might not be legal to sell ivory items.
Why has the business page replaced the market quotes GRAPH with a TABLE giving current prices only? I don’t care about the current level. I would like to see the entire day so that I know to ask “What happened at 10:30 to send the market south?” The variability and flow in the market is much more important than a single number.
A reclining rat? That is just slightly ironic since this is kind of how I view wall street and many banks in America today.
I would just like to say to Wall Street, not that anyone on that street of sociopaths cares, thanks! Thanks for establishing shady investment products that ran our countries economic system into the ground, thanks for allowing me the privilege of paying for your mess, and thanks for pushing subprime mortgages in my community causing an astronomically high rate of foreclosures. My favorite part has been watching over $60,000 of equity in my home disappear into thin air. While $60,000 may not seem like much to you it is more then I make in a year. My family is fortunate because we still have jobs and we are going to be fine. On behalf of the many others in our great country that you clearly don’t care about I would just like to say thanks!
@Sam: The ivory carvings in the auction were produced more than 100 years before the ivory ban was put in place. That ban outlawed new ivory taken from living animals but allows for the resale of preexisting ivory objects. So no, the items in this auction are not illegal.
I hope that next time I have items to sell I will get this coverage from the Tribune to boost exposure, bids, and ultimately cash! Why mess around with classifieds – this is free! You may think this is a significant story because it is an aspect of all the bank failures, but if you look at what is for sale from this bank it is pretty piddly – about 18 items. There was much more money to be sure in selling off the copy machines, office furniture, and the like. It is generous to call these “assets”. High end garage sale? Anyway, it would be an interesting story if there was a Monet or a Picasso – now that would really speak to the excesses that lead banks down this path.
Anna ~
While Asian Art is currently one of the hotest markets in the world, with pieces bringing twice- up to ten-fold from where they were 10 years ago, a Picasso would have been a much better investment for any bank rather than bad morgatages or huge executive bonuses. There is one coming up for sale in May that will probably bring in excess of $40 million. While the market for Monets had softened 18 months ago, good one have also a much beeter bet than stocks or real esate.
I understand what you’re saying about the Japanese art market being hot, but the article gives an estimate of only $30k. I would prefer my bank get out of art AND bad mortgages AND bloated bonuses and stick to being responsible and not fat liars.
Where will the $40 million go? I feel the need to say that I’m actually asking, not to be read in a sarcastic tone. Why don’t the banks have to sell off significant assets prior to shutting their doors?
Those hating on banks because they collect art, please stop. Art did not get the banks into trouble. There are legitimate reasons to dislike the banks, but collecting art is not one of them. Whether you are aware of the affects of art on your life or not, art is not toxic, but makes every life better.