Hudson’s Bay looks to auction off royal charter that launched company 355 years ago

Hudson’s Bay, Canada’s oldest company, has made a bold move by filing a motion with the Ontario Superior Court of Justice to put its royal charter up for auction. This charter, granted by King Charles II in 1670, is the document that launched the company 355 years ago. Along with the charter, Hudson’s Bay is also looking to sell 1,700 pieces of art and over 2,700 artifacts.

The decision to auction off these historical treasures was prompted by interest from government institutions, museums, universities, and high net worth individuals who want the items to be made available for public viewing. The company wants to ensure that the art and artifacts receive the care, consideration, and expertise required, which is why they are seeking permission to run a separate auction facilitated by a fine art auction house.

One of the most significant items on the auction block is the royal charter itself. This document not only established Hudson’s Bay as a fur trading company but also granted it vast land rights and extraordinary power over trade and Indigenous relations. Historians and experts view the charter as the company’s “crown jewel” and a piece of Canadian history that should be preserved.

While there have been efforts to encourage Hudson’s Bay to donate the charter to a museum or institution, the company has decided to proceed with the auction. Experts anticipate that the document will attract interest from collectors with deep pockets, making it challenging for archival institutions or Indigenous communities to place bids.

Winnipeg, where Hudson’s Bay first opened its retail department store in 1881, has a long-standing connection to the company. The Manitoba Archives hold a rich collection of Hudson’s Bay historical records, including business transactions, personal journals, and reports.

Mark Garner, who runs a museum dedicated to Hudson’s Bay’s 19th-century steamship, the S.S. Beaver, believes that the auction may lead to valuable pieces of history disappearing from public view. He emphasizes the importance of preserving these artifacts and documents, likening the royal charter to the Declaration of Independence in the United States.

The sale of the art and artifacts is seen as a necessary step for Hudson’s Bay, which is facing financial difficulties and owes millions to creditors. By auctioning off these items, the company hopes to appease creditors and extend the lifespan of its remaining stores. Additionally, the company is exploring the creation of a hardship fund to assist employees who have been affected by store closures and financial difficulties.

Overall, the decision to auction off the royal charter and other historical items has sparked debate among historians, collectors, and preservationists. While some see it as a necessary step for the company’s survival, others worry about the potential loss of valuable pieces of Canadian history.