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Circle Fine Art Retains Asset Management Company to Conduct Nation's Largest Art Liquidation.

CHICAGO--(BUSINESS WIRE)--June 28, 1996--Circle Fine Art Corp., the Chicago-based fine art retailer, has retained the Hilco/Great American Group, a nationally known asset management company, to assist the retailer in conducting a complete liquidation of Circle's vast art and jewelry collection.

The liquidation sale starts today. Circle Fine Art Corp., one of the nation's largest publicly held retailers of fine art, filed for bankruptcy on Feb. 8.

The stores to be liquidated are located in the following cities: New Orleans; Bal Harbour, Fla.; Toronto; San Diego; San Francisco; Chicago and New York.

"This liquidation sale is the largest of its kind in history and will be conducted throughout the United States and Canada in the weeks to come," according to Joseph Atkin, president of Circle Fine Art Corp. The Circle Gallery Collection contains over $200 million of authenticated original fine art, signed limited edition lithographs, serigraphs, photography, animation art, sculpture and jewelry.

A spokesperson for the Hilco/Great American Group, with offices in Chicago and Los Angeles, said it is common for retailers to seek assistance in operating these kinds of sales. "We specialize in conducting and supervising retail sales of all kinds and have conducted many major inventory management projects throughout the United States and Canada."

The Circle Gallery Collection consists of works by more than 200 artists, including Norman Rockwell, Peter Max, Erte, Dali, Gallo, Wyeth, Vasarely, Agam, Eisenstaedt, Schultz, Hanna-Barbera, Freleng and Chuck Jones.

"All items in the Circle Gallery Collection will be sold, providing our customers with an outstanding opportunity to purchase contemporary art at extremely advantageous prices," Atkin concluded.

For further information, contact: Richard Glabman, Hilco/Great American Group, 5 Revere Drive, Suite 206, Northbrook, Illinois 60062; Telephone: 847/509-1100; Fax: 847-509-1150.

CONTACT: Hilco/Great American Group, Northbrook

Richard Glabman, 847/509-1100

or

Kamer-Singer & Associates, San Francisco

Sam Singer or Heather Coons, 415/512-6800
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Publication:Business Wire
Date:Jun 28, 1996
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