F A L L 2 0 2 5 new s letter
30 YEARS OF AUCTIONS FA L L 2 0 2 5 A N D T H E Y E A R I N R E V I E W
David Heffel on the podium during the sale of Lot 16, Charles Fraser Comfort’s Barnston and Ballantyne at Tadoussac, 1846, when he donned a Hudson’s Bay point blanket coat to applause from the crowd, as the work achieved a record price
As we look toward the holiday season and the close of a remarkable year, all of us at Heffel would like to extend our warmest wishes to you and your families. This is a moment to reflect on the year behind us, and we are filled with gratitude for the trust, enthusiasm and partnership of our collectors, consignors and friends. Your passion for great art continues to inspire us, and it is because of this shared commitment that 2025 has been one of the most memorable years in our history.
A Historic Finale to 2025 We were honoured to celebrate our 30th anniversary of auctions with a fall live sale
that exceeded all expectations. Thanks to the incredible support of our collectors, the November 19th auction was truly electric. The room was buzzing from the first lot, and the energy carried throughout all four sessions. From The Hudson’s Bay Company Collection to The Lillian Mayland McKimm Collection to Canadian, Impressionist & Modern Art and finally Post-War & Contemporary Art, every seat was filled, the phones were fully booked, bidding in our Digital Saleroom was active and spirited, and collectors from across Canada and beyond participated with remarkable engagement. The result was a landmark night for the Canadian art market. The auction achieved an extremely rare 100% sell-through rate,
an achievement outstanding even on a global scale, and totalled $31.4 million. Overall, Heffel’s 2025 published auction sales reached $74 million, marking the strongest performance in our company’s history and the Canadian art market (this figure excludes private sales). Since 1978, Heffel has sold over $1 billion in art, highlighting our long-standing role as leaders in the art market. We were proud to see such exceptional participation in the fall live sale, along with widespread national media attention, including front-page stories in The Globe and Mail and the National Post. Milestones like these are only possible because of collectors like you who share our dedication to presenting artwork with care and passion.
Frederic Marlett Bell-Smith, Lights of a City Street oil on canvas, 1894 52 1/2 × 78 3/4 inches Estimate: $100,000 – $150,000 Sold November 19, 2025 for a record $691,250
The sale was anchored by the historic Hudson’s Bay Company Collection, a white-glove event that delivered nine artist auction records and an atmosphere unlike anything we have experienced. Highlights included Sir Winston Churchill’s luminous Marrakech, gifted to the HBC in 1956 and sold for $1.56 million, as well as Frederic Marlett Bell-Smith’s iconic Lights of a City Street, one of the most well-known paintings in all of Canadian art. Powerhouse calendar paintings by Charles Comfort and Adam Sherriff Scott also ignited active bidding, underscoring the cultural significance and national resonance of this once-in-a-generation collection. Another pillar of the evening was the Lillian Mayland McKimm Collection. Carefully assembled over many decades, Lillian’s collection reflected a deep appreciation for quality, rarity and artistic vision. A highlight of the collection was the magnificent E.J. Hughes canvas Entrance to Howe Sound, which soared to $4.8 million with a winning bid from an online bidder who prevailed over the fierce bidding in the room and on the phones. The work more than doubled the previous auction record for the artist and affirmed its place as one of the defining masterpieces of Canadian art. It was an honour working with Lillian’s family to present this important group of works to the market. The excitement continued throughout all sessions, with 16 artist records set across the auction. Notable achievements included James Wilson Morrice’s Le pont making its Canadian debut and reaching $1.8 million, Cornelius
Krieghoff ’s superb Canadian Autumn selling far above estimate, David Blackwood’s evocative In the Labrador Sea establishing a new high and additional benchmarks across generations of important artists. The evening also marked a special milestone as Ainsley Heffel made her auctioneer debut, setting records on the podium and bringing wonderful energy to the celebratory sale.
Sir Winston Sp encer Ch urc h ill , Marrakech oil on canvas, circa 1935 24 × 20 inches Estimate: $400,000 – $600,000 Sold November 19, 2025 for $1,561,250
E dward Jo h n (E .J.) Hug h es, Entrance to Howe Sound oil on canvas, 1949 32 × 36 inches Estimate: $1,250,000 – $1,750,000 Sold November 19, 2025 for a record $4,801,250
Extraordinary Momentum in Online Auctions Our timed online auctions also saw tremendous success this year, with collectors around the world responding enthusiastically to important artworks and objects across all categories. The season delivered some of the strongest digital results in our history, illustrating the continued strength and reach of our online platform. As a pioneer of online auctions in Canada, Heffel has led the market since running its first digital sale in September 1999. A major highlight came in October, when our Asian Art sale propelled the monthly online auction total to $3.8 million, a new record for Heffel’s online platform. Leading the results was an exquisite calligraphy album by Zhao Mengfu 赵孟頫 (1254–1322), which climbed from a $15,000 opening bid to a final price of $1,081,250, the highest result ever achieved in a timed Heffel online auction. Adorned with silk brocade and bearing four imperial seals, the album was once part of the Qianlong Emperor’s palace collection and formally documented in the Shiqu Baoji. It sold to an international collector, demonstrating that Heffel’s online platform is truly global, with registration and successful bidders from around the world. Works of this calibre are exceptionally rare to the Canadian market, and its rediscovery and sale generated great excitement among collectors and media. Following the excitement of our fall live auction, momentum continued into the final weeks of the season with our first online auction of items from the Hudson’s Bay Company Collection. Collectors once again participated with remarkable engagement, driving spirited bidding and achieving a 100% sell-through rate and a total of $3.1 million, well above presale estimates of $220,000 – $320,000. Interest in the HBC Collection remains incredibly strong, and we are delighted to share that more works and items from the collection will be offered through our online auctions in 2026.
Supporting Arts & Culture The Heffel Foundation is proud to champion arts and culture across Canada, and this year we were honoured to support several meaningful exhibitions and projects. Over the years, we have provided more than $1 million in support to museums, publications and cultural initiatives. A major highlight this year was David Blackwood: Myth & Legend, currently on view at the Art Gallery of Ontario. We encourage you to visit the museum over the holidays
Ainsley Heffel debuting on the auction podium, shown here with Lot 328, David Blackwood’s Fire Down on the Labrador, which set a new world record for a Blackwood print at auction
and experience this powerful retrospective of one of Canada’s most beloved printmakers. We were equally pleased to support Riopelle: Crossroads in Time at the Vancouver Art Gallery, a widely celebrated exhibition that drew strong attendance and critical praise, as well as Bruce Bailey’s annual Fête Champêtre, an important celebration and fundraiser for the visual arts. We were also proud to support two significant publications: volume 6 of the Jean Paul Riopelle Catalogue Raisonné—a project we have been committed to since its inception—and 7IDANsuu James Hart: A Monumental Practice, co-published by the Audain Art Museum and Figure 1 Publishing. Heffel looks forward to supporting the Audain Art Museum’s upcoming exhibition Takao Tanabe: Inside Passage, co-organized with the Art Gallery of Greater Victoria and the National Gallery of Canada. The show will be on view at the Audain Art Museum in Whistler from June 13 to October 19, 2026. As the season continues, we encourage you to explore Canada’s museums and galleries, many of which are presenting outstanding exhibitions throughout the winter.
Looking Ahead As we move into 2026, we are preparing a packed schedule of auctions that will carry the energy of this year into an exciting new season. Our monthly online sales will continue throughout the year, complemented by the ongoing offerings from the Hudson’s Bay
Company Collection. The early months of the year will feature special online auction sessions including The Lillian Mayland McKimm Collection | Works by W.J. Phillips, The Collection of Dr. Luigi Rossi, Works by Doris McCarthy from the Estate, and a wonderful fundraising auction in support of the Musée d’art contemporain de Baie-Saint-Paul. Collectors can also look forward to our established online auction categories, including Pop Art Prints & International Graphics, Works by the Group of Seven & Their Contemporaries, Asian Art and Luxury Handbags. Details and dates are listed in our calendar at Heffel.com. We are also gearing up for our marquee Spring 2026 live auction of Post-War & Contemporary Art and Canadian, Impressionist & Modern Art, and are now welcoming consignments. If you are interested in consigning to Heffel’s upcoming auctions, we invite you to reach out to our specialists to review your collection and help achieve your goals. With so many important and freshto-market works coming up at Heffel, we are looking forward to another season of engagement, discovery and meaningful connections with our collectors and colleagues. Here’s to the next 30 years of presenting exceptional art and sharing unforgettable moments with our community.
L awren Stewart Harris Lake Superior Sunrise (Lake Superior Sketch XXIII) oil on board, circa 1925 12 × 15 inches Estimate: $500,000 – $700,000 Sold for $1,111,250 (including Buyer’s Premium)
in v itation to consi g n We are now accepting artworks for our spring auctions, including: Post-War & Contemporary Art Canadian, Impressionist & Modern Art International Graphics & Pop Art Prints Asian Art Luxury Handbags and more Heffel auctions are inclusive of international works of art
Fall 2 0 2 5 E x c e p ti o nal re s u lt s
James W ilson Morrice , Le pont oil on canvas, 1907 23 1/2 × 28 7/8 inches
Ch arles Fraser Comfort, Barnston and Ballantyne at Tadoussac, 1846 oil on board, 1941 32 3/4 × 30 1/2 inches
Estimate: $600,000 – $800,000 Sold for a record $1,801,250 (including Buyer’s Premium)
Estimate: $10,000 – $15,000 Sold for a record $571,250 (including Buyer’s Premium)
Dav i d L loyd B lackwood, In the Labrador Sea oil tempera on board, 1995 42 × 29 inches Estimate: $170,000 – $190,000 Sold for a record $601,250 (including Buyer’s Premium)
A dam Sh erriff Scott, Chief Trader Archibald McDonald Descending the Fraser, 1828 oil on canvas, circa 1942 32 × 36 inches Estimate: $7,000 – $9,000 Sold for a record $361,250 (including Buyer’s Premium)
Cornelius David Krieghoff, Canadian Autumn, View on the Road to Lake St. John oil on canvas, 1862 22 3/8 × 37 7/8 inches Estimate: $100,000 – $150,000 Sold for a record $631,250 (including Buyer’s Premium)
Ch inese A rt, Zhao Mengfu (1254–1322) as Catalogued in Shiqu Baoji, Running Script Calligraphy of Zhu Xi’s Bu Zi Qi Wen 石渠宝笈记载为赵孟頫 行楷书《不自弃文》册 ink on silk 15 × 8 5/8 × 1 1/2 inches Estimate: $20,000 – $30,000 Sold for $1,081,250 (including Buyer’s Premium)
A U C T I O N R E S U LT S Fall 2 0 2 5 The following Lots were sold at the prices stated. Prices include Buyer’s Premium. Heffel Fine Art Auction House is not responsible for typographical errors or omissions. All content in this newsletter is subject to our published Terms and Conditions of Business and our Catalogue Terms. Online Auctions (January to June 2025)
$7,637,336
Spring 2025 Live Auction
$22,339,625
Online Auctions (July to December 2025)
$12,623,019
Fall 2025 Live Auction (November 19, 2025)
$31,462,000
A Legacy Through Art: The HBC Collection
$5,913,750
The Lillian Mayland McKimm Collection
$9,490,500
Canadian, Impressionist & Modern Art
$8,378,000
Post-War & Contemporary Art
$7,679,750
Date of Publication
O v erall 2 0 2 5 S ale T otal : $ 74 , 0 6 1 , 9 8 0 (i n c l u d i n g B u y e r ’ s P r e m i u m)
December 17, 2025
L O T N O . P R I C E
L O T N O . P R I C E
L O T N O . P R I C E
L O T N O . P R I C E
L O T N O . P R I C E
L O T N O . P R I C E
1
$46,250
21
$691,250
114
$1,111,250
134
$34,250
220
$301,250
311
$193,250
2
$157,250
22
$121,250
115
$253,250
201
$157,250
221
$133,250
312
$721,250
3
$361,250
23
$133,250
116
$571,250
202
$181,250
222
$631,250
313
$109,250
4
$34,250
24
$1,561,250
117
$55,250
203
$229,250
223
$61,250
314
$871,250
5
$34,250
25
$451,250
118
$43,250
204
$49,250
224
$181,250
315
$217,250
6
$43,250
26
$253,250
119
$22,500
205
$115,250
225
$67,250
316
$133,250
7
$61,250
27
$181,250
120
$46,250
206
$133,250
226
$121,250
317
$85,250
8
$121,250
101
$58,250
121
$25,000
207
$481,250
227
$145,250
318
$61,250
9
$103,250
102
$40,250
122
$25,000
208
$601,250
228
$157,250
319
$103,250
10
$85,250
103
$34,250
123
$97,250
209
$133,250
229
$109,250
320
$103,250
11
$73,250
104
$55,250
124
$91,250
210
$601,250
301
$58,250
321
$871,250
12
$85,250
105
$169,250
125
$61,250
211
$157,250
302
$229,250
322
$451,250
13
$97,250
106
$58,250
126
$37,250
212
$721,250
303
$79,250
323
$67,250
14
$97,250
107
$115,250
127
$25,000
213
$301,250
304
$67,250
324
$193,250
15
$52,250
108
$301,250
128
$49,250
214
$73,250
305
$61,250
325
$181,250
16
$571,250
109
$55,250
129
$17,500
215
$133,250
306
$79,250
326
$601,250
17
$49,250
110
$4,801,250
130
$61,250
216
$511,250
307
$133,250
327
$103,250
18
$217,250
111
$55,250
131
$31,250
217
$73,250
308
$97,250
328
$193,250
19
$169,250
112
$421,250
132
$193,250
218
$1,801,250
309
$751,250
329
$97,250
20
$61,250
113
$451,250
133
$22,500
219
$15,000
310
$511,250
330
$85,250
331
$169,250
Thank you to all of the consignors, collectors and enthusiasts who made our sale a success.
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