Masterstroke sends Anglo 'shares' soaring
Published 26/11/2010 | 05:00
WORTHLESS shares in Anglo Irish Bank have turned out to be a good investment.
Earlier this year artist Frank O'Dea appealed for shares from the troubled bank to incorporate into a piece of art.
Investors who donated shares each received a free print of the resulting artwork, showing a forlorn investor slumped at the bar with his share certificates spread before him.
The limited edition of 35 prints of 'The Anglo Irish Bank Shareholder' were sold for €19.71 by the Balla Ban Gallery in the Westbury Mall, Dublin last August.
However, the notoriety of Anglo Irish and interest in Ireland's woes have seen the value of the prints soar.
One print, offered for sale on eBay, had by last night attracted bids of €218 -- a 1,106pc increase. Frank O'Dea admitted he was "amazed" by the bids.
"Incorporating the Anglo Irish shares into an artwork seems to have really hit a chord. It seems the Anglo Irish shareholders who donated their shares to me will be getting an incredible return on their investment," Mr O'Dea told the Irish Independent.
Worth €17 at their peak, shares in Anglo Irish Bank plummeted after the banking collapse
"The people who gave me their shares thought they were worthless. I'm delighted to have turned it into art which is continuing to rise in value,'' the artist added.