The bankruptcy estate of Danish design retailer Paustian has exceeded expectations in its initial auction, with the first hammer price reaching 900,000 kroner at Bruun Rasmussen. The company, which filed for bankruptcy in August with debts totalling 37.5 million kroner, had its assets initially valued at 3.6 million kroner.
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Anders Bendtsen, curator from Lind Advokatfirma, described the result as "really high compared to what we dared to hope for." The auction proceeds are intended to help cover the retailer's outstanding debts, primarily owed to suppliers.
Further auctions are planned over the next six months, managed by auction house Dab, which has prepared 900 pallets of furniture for sale. The upcoming rounds will include pieces from renowned brands such as Hay and Eames, with the first 350 lots expected to achieve a total of over 200,000 kroner.
The estate continues to work on realising additional value through the sale of remaining stock and the Paustian brand itself. The ongoing auctions are a crucial step in managing the company's bankruptcy and maximising returns for creditors.
Source: www.wood-supply.dk
