Thursday 18 January 2018

One51's 1916 Proclamation set for new home after clear out

Nick Webb

Nick Webb

Alan Walsh has quite a clean-up at One51, the conglomerate that hoovered up everything from nuclear waste to a chunk of Eamon Rothwell's ferry group ICG and Irish Pride bread.

He's also looking to do something with an increasingly less-valuable copy of the 1916 Proclamation, which was acquired by the investment group some years ago.

"I think there's about €1.5m worth of art in this building," he told me last week. "Jack B Yeats. There's a couple of them knocking about and there are a couple of bits of furniture that are a few hundred years old. But the most valuable thing is the 1916 Proclamation."

"We're going to offload it," he said. At it's peak, it was valued at €400,000. It's not worth anything like that now. But with the centenary coming, we've got it all catalogued and ready to go."

Adams has been retained to sell off the document, paintings and furniture over the next year or so. Or else it could be lent to a museum until closer to the big event. "We could find a home for a couple of injection machines with that money," he said. Adams valued the documents at between €150,000 to €200,000.

Proclamation values have tumbled, with Adams selling one for €90,000 last month. The same copy had been bought in 2007 for a staggering €240,000. Ouch. In terms of destruction of value that's almost as bad as the property crash.

One group probably feeling rather less than smart is trade union Siptu. Three years ago, I revealed that the lefties of Liberty Hall splashed out €266,771 on "heritage assets" which turned out to be a copy of the 1916 Proclamation. Based on last month's auction price, that copy may be worth far, far less. It's looking like a rotten investment of members' money.

Sunday Indo Business

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