NAMA hoping for further art sale windfalls
THE National Asset Management Agency (NAMA) is hoping to raise a further £1.5m (€1.75m) by selling works of art seized from developer Derek Quinlan.
It follows the successful sale of one of Mr Quinlan's most prized works, an Andy Warhol painting, in New York this week. A NAMA spokesman said the agency was very happy with the price fetched for the work, entitled 'Dollar Sign'.
It sold for $782,500 (€575,000) -- well in excess of its estimate of $400,000 to $600,000 (€294,000 to €441,000). And he said NAMA was hoping the remaining works would similarly exceed their guide prices.
The 11 paintings from Mr Quinlan's collection will be sold by Christie's auction house in London on November 16 and 17.
The two most valuable pieces are by Irish artists.
'Still Life Variations 2' by William Scott has a guide price of £200,000 to £300,000 (€234,00 to €351,000).
'Red Rocks, Brittany' by Roderic O'Conor is expected to reach between £150,000 and £250,000 (€175,000 and €293,000).
Other paintings being sold to cover some of Mr Quinlan's debts include two works by Jack Butler Yeats and two by Louis le Brocquy.
Andre Zlattinger, Christie's resident expert in 20th Century Irish and British art, said despite the international recession, the market for such paintings is "incredibly strong".
A total of 14 art works from Mr Quinlan's collection were handed over to NAMA as security.
He was one of the first developers to have his debts taken over by NAMA.
The paintings were put up for sale when Mr Quinlan failed to agree to a debt repayment plan.