As the Hudson’s Bay Company (HBC ) — North America’s oldest retailer — undergoes an historic wind-down, its extensive collection of over 1,700 artworks and 2,700 artifacts is headed for the auction block.
This liquidation includes irreplaceable pieces such as the 1670 Royal Charter from King Charles II, a cornerstone document in Canadian history, and a wide array of art chronicling the company’s colonial legacy.
The Ontario Superior Court greenlit the massive sell-off of Hudson’s Bay Company art, with the auction to be managed by Heffel Gallery, a Vancouver-based art auction house.
However, there is a caveat: HBC must consult with governmental and Indigenous stakeholders before finalizing the sale plan of their extensive art collection.
Criticism of the Hudson’s Bay Company art auction
The HBC art collection sell off has drawn intense scrutiny — especially from Indigenous groups concerned about culturally sensitive items being lost to private hands.
The auction is also one of the largest sell-offs in art history — representing a seismic shift in the art market. This sell-off is an opportunity for art investors, including art investing firms like Masterworks, as it offers a unique opportunity to acquire a number of sought after pieces — pieces coveted by private collectors — in a relatively short period of time.
Art collectors are excited at the opportunity
Art collectors, especially those with an eye for historical and institutional provenance, will recognize the HBC liquidation as a once-in-a-generation opportunity. These aren’t just decorative oil paintings or colonial curios. This is institutional-grade material with direct ties to the formation of modern Canada.
For collectors, especially those focused on North American or colonial history, works from the HBC trove come with built-in prestige. They also carry with them the possibility of long-term value appreciation, particularly if public institutions fail to secure these items due to chronic underfunding.
That failure is likely. Canadian museums, as reported by Castanet, are struggling with limited budgets, making them unlikely to compete at scale. As a result, the path is cleared for private entities — whether high-net-worth individuals or group investing platforms, like Masterworks — to swoop in and claim major pieces of national history.
Will art investment firms invest in HBC artwork?
For art investment firms like Masterworks, which allow everyday investors to buy fractional shares in blue-chip artwork, the HBC sale opens the door to an unusual category: historically loaded institutional art with strong public interest and media attention.
Typically, Masterworks focuses on post-war and contemporary names like Basquiat, Banksy, or Kusama. But this auction presents a new value proposition: artifacts and artworks with strong cultural narratives that may not be as liquid but carry unique appreciation potential due to rarity, historical resonance, and limited access.
From a business perspective, acquiring a high-profile HBC piece could serve both as a diversification move and a brand-building moment. Masterworks could position itself not just as a platform democratizing access to blue-chip art but as a steward of historical artifacts — something that could broaden its investor base and deepen trust.
If Masterworks or its competitors were to secure a Royal Charter or a major painting from HBC’s archive, they wouldn’t just be acquiring a physical object — they’d be buying a cultural stake in a piece of Canadian identity. That has long-term public relations and asset-value upside, especially if those items appreciate in significance as public institutions continue to falter.
The most famous art pieces in the HBC collection
The Hudson’s Bay Company amassed a significant collection of art and artifacts over its 350-year history. As the company undergoes liquidation, many of these culturally and historically significant items are slated for auction. Here are some of the most notable pieces from HBC’s collection:
- 1670 Royal Charter: A foundational document granted by King Charles II, establishing HBC’s trading rights in North America. This charter is considered one of the most important corporate documents in Canadian history.
- Historical Paintings of the Hudson’s Bay Company: A commemorative set of fourteen full-colour reproductions of HBC calendar paintings, printed in 1970 for the company’s tercentenary. These paintings depict significant events and figures in HBC’s history and were created by well-known Canadian and British artists.
- Murals by Tappan Adney and Adam Sheriff Scott: Two large murals, "Nonsuch at Fort Charles" and "The Pioneer at Fort Garry," originally displayed in the Winnipeg HBC store. These works depict early scenes from HBC’s history and have been donated to the Manitoba Museum.
- Hudson’s Bay Point Blankets: Iconic wool blankets traded by HBC since the 18th century, characterized by their distinct multicoloured stripes. These blankets became a symbol of HBC’s trading legacy and are highly collectible.
- Artworks by Frances Anne Hopkins: An English painter known for her detailed depictions of Canadian voyageurs and landscapes during the 19th century. Her works provide valuable insights into the fur trade era and are part of HBC’s art collection.
- Artworks by Paul Kane: An Irish-Canadian painter who documented Indigenous peoples and landscapes in the Canadian Northwest during the mid-19th century. His paintings are significant records of early Canadian history and are included in HBC’s collection.
- Artworks by Peter Rindisbacher: A Swiss-born artist who created some of the earliest visual records of life in the Canadian West in the early 19th century. His works are valuable for their historical and ethnographic content and are part of HBC’s holdings.
These pieces collectively represent a rich tapestry of Canada’s colonial past, the fur trade, and the interactions between European settlers and Indigenous peoples. As HBC proceeds with its auction plans, there is significant interest from museums, historians, and the public to preserve these artifacts within Canada to maintain their accessibility and cultural heritage.
The ethical dilemma and PR tightrope
That said, firms entering this space must tread carefully. The controversy surrounding Indigenous artifacts is real and rising. The Assembly of Manitoba Chiefs has already issued formal objections, calling for the return or preservation of certain cultural pieces. Any investor or firm seen as exploiting these circumstances could face reputational backlash.
For collectors and art funds, the safest bets will be works and items clearly unrelated to Indigenous heritage — portraits, maps, and institutional memorabilia with no contested provenance. Art investing firms, which thrive on public goodwill and transparency, will need to conduct rigorous due diligence and potentially partner with cultural stakeholders to avoid crossing ethical lines.
What to expect
The auction’s timing remains fluid, pending stakeholder consultations and court review, but the signal is clear: the gates are about to open on a flood of historically significant artwork, much of which will likely leave public hands forever.
For private collectors, it’s an open season to acquire rare institutional artifacts.
For group investing firms, it’s a moment to rethink portfolio strategy and possibly step into a role traditionally occupied by museums. But amid the gold rush, a tension remains: How do you capitalize on the availability of national treasures without eroding the public trust — or history itself?
The answer, for serious players, will come down to strategy, sensitivity, and whether they see this moment as a mere acquisition — or a responsibility.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
