ISTANBUL, OCTOBER 7, ARMENPRESS: A Turkish bank that sustained huge losses in 1994 economic turmoil that swept Turkey back in 1994 and was shortly afterwards declared bankrupt, announced it was going to sell at an auction three canvases of a world famous painter of sea scenes Ivan Ayvazovsly (Hovhannes Ayvazian).
The paintings, A Moonlit Night in Crimea, Ship in the Stormed Sea and the Wreckage of Ship will be auctioned in mid-October to raise proceeds for the bank to pay back its depositors.
The Turkish Bankruptcy Council has ruled that Marmara Bank should sell some 100 paintings it owned in order to settle its debts with the depositors.
The three paintings of Ayvazovsly, according to Turkish experts, are the most expensive ones among the others. Thus, The Moonlit Night in Crimea was estimated originally at $100,000, the other two at $20,000 and $10,000 respectively.
Organizers expect that prices for these pictures will go up several times at the auction.
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