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Heffel's $22.8-million Fine Art Auction Sets New Bench Mark as Best Canadian Auction

May 23, 2007, 11.30pm (PT)

The fine art auction season had a grand launch at Vancouver's Sheraton Wall Centre Hotel this evening. Heffel Fine Art Auction House raised the bar to another high standard - selling $22.8-million worth of Canadian art - easily surpassing their conservative presale estimate of a $12 to $16-million sale. This is a new Canadian record and is almost double the value of the previous record $12.5-million sale, also set by Heffel, on November 25, 2005.

The top four lots of the evening each exceeded one million dollars; two of them by Group of Seven artist Lawren Harris; two by Tom Thomson. The spectacular 32 x 38 inch cover lot - Pine Tree and Red House, Winter, City Painting II - painted by Lawren Harris, went for an astounding price of $2,875,000 (all prices include a 15% Buyer's Premium). This makes it the second most valuable Canadian painting to ever sell at auction. Paul Kane's Scene from the Northwest - Portrait is the top seller at $5,062,500.

An 18 x 20 inch oil on canvas Snow, Algonquin Park by Lawren Harris sold for $1,035,000. Two 12 x 15 inch oil on board paintings by Lawren Harris surpassed their estimates. Lake Superior Sketch X (Pic Island) and Ice Berg, Smith Sound, II sold for $575,000 each.

Four rare Tom Thomson sketches, each oil on board image measuring 8-1/2 x 10-1/2 inches were strong in this sale. Summer Clouds and Spring Woods each sold for over a million dollars -- $1,035,000. Thomson's Approaching Storm; and Log Picking, Houseboat, Dog Point sold for $690,000; and $460,000 respectively.

"I've never seen so many exciting battles for paintings in one sale," says auctioneer Robert Heffel following the sale. "This $22.8-million sale is an historic night for our business and a record night for Canadian Art.

All five E.J. Hughes paintings represented in tonight's sale sold for more than $100,000. Two were painted in the 1950s, highlighted by Okanagan Lake, a 32 x 48 inch oil on canvas from 1959 which was acquired in a yard sale in Southern Ontario for $200. It tripled the high end of its estimate selling for $402,500.

Roll of Life a forest landscape by Emily Carr sold for $402,500 (includes commissions). The 22-1/2 x 34-1/2 inch oil on paper on board circa 1936 was one of six Carr paintings to exceed the $100,000 mark.

"Emily Carr continues with strong prices," says Robert Heffel. "Emily Carr has been the most important artist to our business. These six-figure sale prices show that Carr is still one of Canada's most beloved artists." The Heffels have auctioned off two Emily Carr works in the past five years that have exceeded the $1-million mark; including Quiet, a large 1942 forest scene that which sold for $1.1-million in Heffel's 2004 Spring auction.

Original Group of Seven members were well represented in this auction. Two Franklin Carmichael sketches exceeded their $100,000 to $150,000 estimates. Autumn Woods circa 1925, is a colourful oil on board landscape that sold for $368,000. Lansing, Ontario dated circa 1921, went for $184,000.

There were 16 works by A.Y. Jackson, highlighted by two fine landscapes. A 20 x 26 inch studio canvas - Grey Day Baffin Island sold for $333,500 and an 8-1/2 x 10-1/2 inch oil on panel Eskimo Houses, Pond Inlet, Baffin Island sold for $184,000.

There were 10 paintings by David Milne. Houses and Trees (Round Forms II) is a striking 18 x 24 inch oil on canvas Milne painted in 1915 while he lived in New York City. It sold for $103,500.

Nine J.E.H. MacDonald paintings were auctioned off, including a charming 8-1/2 x 10-1/2 inch still life - Rocky Mountain Flowers - which sold for $138,000. MacDonald quickly painted it in 1930 while staying in a log cabin in the Rockies.

"Tonight's sale shows that the Canadian art market continues stronger than ever," says David Heffel, president Heffel Fine Art Auction House. "Bidders from across Canada, the United States, Europe and Asia fought fiercely over almost every lot. Juggling multiple bids from the phones, as well as bidders in the ballroom makes for a frenetically-paced evening."

The $22.8-million sale demonstrates Heffel's continuing leadership in the Canadian Art Auction field. The Vancouver-based Heffel Brothers have created Canada's national fine art auction house with offices in Vancouver, Montreal, Toronto and Ottawa. The Heffels have the most experienced team of fine art specialists in the business, providing customers with the best opportunity for maximizing the value of their works.

At www.heffel.com the Heffels have an additional 220 Canadian works currently up for auction online. That auction sale closes for bids on Saturday afternoon, May 26.

The complete listing of the top ten paintings in the sale - plus the list of Canadian fine art records which were set at the live Heffel Fine Art Auction tonight are listed below.

High Resolution images of top paintings in this sale are cleared for media use. Please link to the following spot on the Heffel's web site: http://www.heffel.com/New/links/newsroom/newSsroom.aspx

Top Ten Paintings Sold - Heffel Fine Art Auction -- May 23, 2007

These are the top ten highest selling paintings at the Heffel Fine Art Auction tonight. All prices include the 15% buyers premium added to the hammer price. 1. Lawren Harris - Pine Tree and Red House, Winter, City Painting II Lot 149 - oil on canvas - $2,875,000 2. Lawren Harris - Snow, Algonquin Park Lot 8 - oil on canvas - $1,035,000 3. Tom Thomson - Spring Woods Lot 30 - oil on board - $1,035,000 4. Tom Thomson - Summer Clouds Lot 31 - oil on board - $1,035,000 5. Tom Thomson - Approaching Storm, Dog Point Lot 84 - oil on panel - $690,000 6. Alexander Colville - Two Pacers Lot 138 - tempera on board - $690,000 7. Emily Carr - Oak Wood Lot 63 - oil on canvas - $661,250 8. Lawren Harris - Lake Superior Sketch X Lot 62 - oil on board - $575,000 9. Lawren Harris - Ice Berg, Smith Sound, II Lot 64 - oil on canvas - $575,000 10. James Wilson Morrice - Paris Quai Lot 140 - oil on canvas - $488,750

Records at Heffel Auction - May 23, 2007

Nineteen Canadian fine art records were set at the Heffel Fine Art Auction. All record prices include the 15% buyers premium on the hammer price.

Record Net Revenue for an auction of Canadian fine art: $22.8 million Record number of Canadian paintings to exceed $1-million price in auction: 4 Record number of paintings to exceed $100,000 price in auction: 49 Record average price per lot of $104,500 Lawren Harris, Lot 149, at $2,875,000, is the most valuable Group of Seven painting to sell at auction Lawren Harris, Lot 149, at $2,875,000, is also the second highest price for a Canadian work of art Record price for a Tom Thomson painting (lots 30 and 31): $1,035,000 each Record Price for a Alexander Colville painting (lot 138): $690,000 Record Price for a Frank Carmichael sketch (lot 53): $368,000 Record Price for a A.J. Casson sketch (lot 146b): $322,000 Record Price for a John Goodwin Lyman painting (lot 183): $207,000 Record Price for A.Y. Jackson sketch (lot 146a): $184,000 Tied Record Price for a A.H. Robinson sketch (lot 15): $92,000 Record Price for Mary Pratt painting (lot 126): $54,625 Record price for Samuel Borenstein (Lot 74) at $31,625 Record price for Frederick Haines (Lot 54) at $28,750 Record price for Serge Lemoyne (Lot 157) at $28,750 Record price for Gordon Smith (Lot 205) at $25,875 Record price for Illingworth Kerr (Lot 73) at $17,250

Media Contacts: - Ross Sullivan, Peak Communicators: cell 1-604-802-7139 - Robert Heffel or David Heffel HEFFEL FINE ART AUCTION HOUSE