Nama sees dollar signs as Quinlan paintings sell in New York
Published 10/11/2011 | 05:00
NAMA is a little bit better off after raising almost $900,000 from the successful sale in New York last night of two paintings seized from developer Derek Quinlan.
Andy Warhol's appropriately named 'Dollar Sign' fetched $782,500 (€580,000), well in excess of its estimate of $400,000 to $600,000 in an auction held by Christie's in the Rockefeller Centre.
A second painting, 'Arches Cover' by Robert Motherwell sold for $74,500 within its estimate of $60,000-$80,000.
However, a third painting, 'Ace Airport' by Alex Katz, was withdrawn after it failed to reach its estimate of $150,000-$200,000.
The paintings were among 14 pieces of art handed over to NAMA as security against debts incurred by the former tax inspector.
NAMA moved to sell the works after Quinlan failed to agree to a debt repayment plan in April.
In total, the pieces are expected to fetch between $1.6m and $2m by the time the remaining works are sold in an auction in London on November 17.
Swiss resident Derek Quinlan was one of the first developers to have his €600m of debts taken over by NAMA. A massive sale of his assets has been under way this year.
Recently the Irish Independent reported that he had travelled to the UK to oversee the sale of his properties there.