One hope during the art boom of the aughts was that art could spread into a mass market of enthusiasts and buyers of more modest means. Applejack Art Partners thought it could take Warhol’s marilyn images and turn them into something saleable. That hasn’t turned out to be the case, according to the Rutland Herald via the Wall Street Journal:
Applejack Art Partners Inc., which manufactures fine art prints and sells sports memorabilia, is looking to sell its assets in Chapter 11, according to court papers and the Rutland Herald. In papers filed with the U.S. Bankruptcy Court in Rutland, Vt., President Jack Appelman indicated that the company had already secured an offer for “a substantial part of its assets and operations” and warned that the transaction is the company’s only means for survival.
“The company made some expansion decisions in the past few years which turned out to be improvident in light of the circumstances surrounding the purchases and the declining state of the economy,” he said. “Without the sale, the company believes it would not be able to continue.”
Applejack Art Partners acquired Bruce McGaw Graphics in August 2009, gaining the exclusive rights to images from the Walt Disney Co., the Museum of Modern Art and Andy Warhol.
Art Business Tumbles into Bankruptcy (Wall Street Journal)