section_path: Career/Insolvency
section_name: Insolvency
paragraph_text: Insolvency
  
  Rembrandt, despite his artistic success, found himself in financial turmoil. His penchant for acquiring art, prints, and rare items led him to live beyond his means. In January 1653 the sale of the property formally was finalized but Rembrandt still had to cover half of the remaining mortgage. Creditors began pressing for installments but Rembrandt, facing financial strain, sought a postponement. The house required repairs prompting Rembrandt to borrow money from friends, including Jan Six.
  
  In November 1655, amid a year overshadowed by plague and the drafting of wills, Rembrandt's 14-year-old son Titus took a significant step by drafting a will that designated his father as the sole heir, effectively sidelining his mother's family. In December Rembrandt orchestrated a sale of his paintings, yet the earnings failed to meet expectations. This tumultuous period deeply impacted the art industry, prompting Rembrandt to seek a high court arrangement known as cessio bonorum. Despite the financial difficulties, Rembrandt's bankruptcy wasn't forced. In July 1656, he declared his insolvency, taking stock and willingly surrendered his assets. Notably, he had already transferred the house to his son. Both the authorities and his creditors showed leniency, granting him ample time to settle his debts. Jacob J. Hinlopen allegedly played a role.
  
  In November 1657 another auction was held to sell his paintings, as well as a substantial number of etching plates and drawings, some by renowned artists such as Raphael, Mantegna and Giorgione. Remarkably, Rembrandt was permitted to retain his tools as a means of generating income. Rembrandt lost the guardianship of his son and thus control over his actions. A new guardian, Louis Crayers, claimed the house in settlement of Titus’s debt.
  
  The sale list comprising 363 items offers insight into Rembrandt's diverse collections, which, encompassed Old Master paintings, drawings, Roman emperors busts, Greek philosophers statues, books (a bible), two globes, bonnets, armor, and various objects from Asia (chinaware), as well as a collections of natural history specimens (two lion skins, a bird-of-paradise, corals and minerals). Unfortunately, the prices realized in the sale were disappointing.
  
  By February 1658, Rembrandt' house was sold at a foreclosure auction, and the family moved to more modest lodgings at Rozengracht. In 1660, he finished Ahasuerus and Haman at the feast of Esther which he sold to Jan J. Hinlopen. Early December 1660, the sale of the house was finalized but the proceeds went directly to Titus' guardian.
  
  Two weeks later, Hendrickje and Titus established a dummy corporation as art dealers, allowing Rembrandt, who had board and lodging, to continue his artistic pursuits. In 1661, they secured a contract for a major project at the newly completed town hall. The resulting work, The Conspiracy of Claudius Civilis, was rejected by the mayors and returned to the painter within a few weeks; the surviving fragment (in Stockholm) is only a quarter of the original.
  
  Despite these setbacks, Rembrandt continued to receive significant portrait commissions and completed notable works, such as the Sampling Officials in 1662. It remains a challenge to gauge Rembrandt's wealth accurately as he may have overestimated the value of his art collection. Nonetheless, half of his assets were earmarked for Titus' inheritance.
  
  In March 1663, with Hendrickje's illness, Titus assumed a more prominent role. Isaac van Hertsbeeck, Rembrandt's primary creditor, went to the High Court and contested Titus' priority for payment, leading to legal battles that Titus ultimately won in 1665 when he came of age. During this time, Rembrandt worked on notable pieces like the Jewish Bride and his final self-portraits but struggled with rent arrears. Notably, Cosimo III de' Medici, Grand Duke of Tuscany, visited Rembrandt twice, and returned to Florence with one of the self-portraits.
  
  Rembrandt outlived both Hendrickje and Titus; he died on Friday 4 October 1669 and was buried four days later in a rented grave in the Westerkerk. His illegitimate child, Cornelia (1654–1684), eventually moved to Batavia in 1670 accompanied by an obscure painter and her mother's inheritance. Titus' considerable inheritance passed to his only child, Titia (1669-1715) who married her cousin and lived at Blauwburgwal. Rembrandt's life was marked by more than just artistic achievements; he navigated numerous legal and financial challenges, leaving a complex legacy.