Heffel Fine Art Auction House will present a once-in-a-generation sale this fall featuring the Hudson’s Bay Company Collection auction, marking the public’s first opportunity to view and bid on some of the most treasured artworks and artifacts from Canada’s oldest commercial institution. The sale includes rare paintings, historical artifacts, and retail-era memorabilia that span more than three centuries of Canadian history.
The auction follows the collapse of Hudson’s Bay Company’s retail operations earlier this year and comes under court authorization to help satisfy outstanding debts to the company’s creditors. While the auction represents a loss of cultural legacy for the defunct retailer, it also offers collectors and institutions a chance to acquire pieces deeply woven into Canada’s national story.
Among the Highlights
Among the most notable pieces in the Hudson’s Bay Company Collection auction is Marrakech, an oil on canvas painting by former British prime minister Sir Winston Churchill. Created during a painting holiday in Morocco, the piece captures a tranquil, sunlit scene of women standing beneath palm trees. Churchill, an avid painter, gifted the work to Hudson’s Bay Company around 1935.
Heffel Fine Art estimates the painting’s value between $400,000 and $600,000, making it the most valuable item in the auction. “For the first time, collectors can now take part in this historic moment, carrying forward a piece of Canada’s legacy,” said David Heffel, President of Heffel Fine Art Auction House, in a statement accompanying the announcement.
Another centrepiece of the sale is Lights of a City Street by Frederic Marlett Bell-Smith, painted in 1894. The atmospheric work depicts pedestrians navigating Yonge and King Streets in Toronto on a rainy evening, illuminated by streetlamps and shopfronts.
Heffel describes the painting as “the most significant work by the artist ever to come to auction,” noting its extensive exhibition history, including displays at the National Gallery of Canada, the Art Gallery of Ontario, and the Montreal Museum of Fine Arts. The piece carries an estimated value between $100,000 and $150,000.
Two monumental early 19th-century works by William von Moll Berczy, one of Toronto’s founding figures, are also featured. Measuring nearly seven feet tall, the canvases titled Battle of Trafalgar and Rear Admiral Lord Horatio Nelson depict key naval moments in British history.
Heffel values each between $70,000 and $90,000. Battle of Trafalgar portrays a fiery seascape with warships amid smoke and blaze, while Rear Admiral Lord Horatio Nelson honours the admiral who perished during the pivotal 1805 battle.
HBC Calendar Paintings: Art from Retail History
Beyond these high-profile artworks, the Hudson’s Bay Company Collection auction includes more than a dozen paintings commissioned for the company’s famed historical calendars, produced annually between 1913 and 1970.
These calendar commissions feature artists such as W.J. Phillips, George Franklin Arbuckle, and Frank Johnston, and depict moments from Hudson’s Bay Company’s storied past. For decades, these calendars adorned offices, stores, and trading posts across the country, celebrating Canadian identity and exploration.
Contemporary Works and Pop Art Influence
The collection’s most contemporary inclusion is Bay Watch, a 2011 oil on canvas by Charles Pachter, one of Canada’s best-known modern artists. The pop art-style painting features the company’s iconic multicoloured stripes alongside a moose — both recurring motifs in Pachter’s art.
Pachter, celebrated for his depictions of Canadian symbols, also created the hockey-themed murals found at Toronto’s College subway station. Bay Watch carries an estimated value between $15,000 and $25,000, offering a vibrant modern contrast to the historical works in the sale.
Auction and Exhibition Schedule
Heffel will exhibit highlights from the Hudson’s Bay Company Collection auction in Toronto from November 11 to 18, 2025, at its gallery located at 13 Hazelton Avenue. The live auction will follow on November 19, 2025, marking Heffel’s 30th anniversary since its first auction in 1995.
The live sale, titled A Legacy Through Art: The Hudson’s Bay Company Collection, will include 27 high-value works and will be followed by additional sessions featuring the Lillian Mayland McKimm Collection, Canadian, Impressionist & Modern Art, and Post-War & Contemporary Art.
Most of the remaining HBC artifacts, about 4,400 items in total including 1,700 artworks and 2,700 historical objects, will be sold through a series of online auctions running from November 12 to December 4, 2025. These sales will include “retail-era” memorabilia such as HBC point blankets, rare coins, and collectible toys, all considered valuable pieces of Canadian retail heritage.
Exclusions and Historical Safeguards
Notably absent from the Heffel auctions is Hudson’s Bay Company’s royal charter of 1670, which established the corporation and granted it vast trading rights over much of what would become Canada.
The retailer is expected to seek court permission later this month to allow its financial adviser to auction the document separately. Hudson’s Bay Company is reportedly urging that any successful bidder donate the charter to a public institution to ensure continued public access.
Prominent Canadian families, including the Westons of Loblaw Companies Ltd. and the Thomsons of Thomson Reuters Corp., are said to have expressed interest in the charter’s fate. The court has adjourned discussion of the matter twice, with a new hearing scheduled for October 20.
Also excluded from the upcoming sales are 24 artifacts believed to be of Indigenous origin, which the retailer plans to donate. In addition, thousands of artifacts previously gifted to the Archives of Manitoba and the Manitoba Museum in 1994 remain preserved as part of the company’s cultural legacy.
Heffel’s Milestone
The Hudson’s Bay Company Collection auction also coincides with a significant milestone for Heffel Fine Art Auction House, celebrating three decades since its inaugural sale in 1995. Founded in 1978, the firm has facilitated more than $1 billion in art sales, connecting collectors and institutions worldwide with historic and contemporary works.
Heffel is widely regarded as Canada’s leading fine art auctioneer, with galleries in Toronto, Vancouver, Montreal, and Calgary. Its reputation for handling major estate collections and heritage artworks positions it as an ideal custodian for this unprecedented event.
In his statement, David Heffel emphasized the cultural importance of the sale. “This is more than an auction — it’s a moment to honour over three centuries of Canadian enterprise, exploration, and creativity,” he said.
J’aimerais que la Charte royale de 1670 soit donnée à la Bibliothèque nationale du Canada à Ottawa.
Le magasin La Baie de Montréal, rue Sainte-Catherine, (anciennement appelé Morgan’s) a fait partie de ma vie familiale depuis toujours jusqu’à sa fermeture en 2025. Parce que le catalogue de Noel nous faisait rêver. Parce qu’on y trouvait tout, du dé à coudre au parfum le plus luxueux, tout pour vêtir les enfants, de la naissance à l’âge adulte, tout pour chaque pièce de la maison, et même le coiffeur ! La grande cafétéria du 8e nous a servi une excellente cuisine traditionnelle à petit prix durant des années passées.
J’ai commencé à fréquenté le magasin à l’âge de 14 ans, en 1955 et apprendre sa faillite en 2024, a été un très triste événement pour moi comme pour beaucoup de personnes qui s’y sont rendues depuis pour se procurer quelques articles typiques en souvenir. Ce fut l’occasion d’exprimer nos regrets personnels entre inconnus en deuil de tant de nos souvenirs.
Il faut espérer qu’on saura en faire autre choses que des condos !!! Pourquoi pas, au moins en partie, un musée racontant l’histoire de La Baie d’Hudson depuis l’origine, sur quelques étages. En même temps qu’un endroit où on pourra aller revivre certains événements, se retrouver dans quelques restaurants, au cinéma, au théâtre, au concert…afin que ce lieu demeure un lieu de rencontre, de partage comme il l’était avec les employés qui nous servaient, un lieu où nous aurons le droit de retourner souvent, comme avant…
Best article on the subject that I’ve seen so far, due to being the only one to mention anything being held back like the company’s charter and Indigenous artifacts… hopefully the ‘plans to donate’ them involve offering these items back to the nation of origin, instead of just dumping them at the nearest museum.