NAMA won't pay commission on art sale
Published 20/09/2011 | 05:00
NAMA will not pay commission on the sale of €2m worth of paintings it seized from developer Derek Quinlan when they are auctioned in New York and London, the Irish Independent has learned.
Prestigious auction house Christie's is selling the collection of 14 works of art -- including a piece by Andy Warhol estimated to be worth up to €440,000 -- and normally charges a hefty fee.
But auction houses are keen to sell the works and secure NAMA as long-term clients, and it is understood Christie's is prepared to waive the traditional charges.
It would usually charge commission of up to 20pc to both sellers and buyers when they sell art.
The sweetheart deal for NAMA came after Christie's won the tender to sell the art following intense competition from two Irish auctioneers and a second international art seller.
The art was previously owned by Mr Quinlan, the developer and former tax inspector, and was used as security for his huge property loans.
Mr Quinlan, who now lives in London after a period in Switzerland, is working closely with NAMA and helped the agency with the paperwork that accompanies the paintings.
During the boom years he bought some of the most expensive real estate in New York. He also owned his own accommodation at the Merrion Hotel, Dublin, with his wife.
Many of the paintings were bought in private deals and the prices are not publicly known.
However, the Irish Independent has learned that Mr Quinlan paid £265,000 (€303,925) for one of the paintings.
The cash raised will be deducted from the €600m he owes to NAMA.