Nama raises over €2m at auction

CHRISTIE’S THIS week completed its series of auctions on behalf of Nama of paintings seized from property investor Derek Quinlan.

Nama asked the fine art auctioneers to sell 14 of Mr Quinlan’s paintings in the international art market. The auctions, in New York and London, were denominated in dollars and sterling, and the total realised was €2,044,703. Nine paintings sold and five failed to sell.

A Nama spokesman said the agency was “very pleased with the results” and would now discuss “options” with Christie’s on how to dispose of the five unsold paintings.

These have a combined estimated worth of about €500,000 and are likely to appear at a future auction as Nama will not wish to incur storage and insurance costs.

Christine Ryall, Christie’s director, Ireland said “there were a number of Irish buyers participating” during the final sale on Thursday afternoon.

Among the highlights was an appropriately-titled painting by Jack B Yeats, A Man Doing Accounts, which sold to a private Irish buyer for £183,650 (£120,000-£180,000).

The oil-on-canvas, which measures 18 by 24 inches, dates from 1929. Christie’s said the subject of the painting was “a man looking at his finances” in a brightly-lit room while being watched by a figure in the street.

Sailor Home from the Sea, also by Yeats, sold for £73,250 (£60,000-£80,000) while In Connemara by Paul Henry made £109,250 (£70,000-£100,000).

However, among the works which failed to sell in London were Red Rocks, Brittanyby Roderic O'Conor (£150,000-£250,000) and two paintings by Louis le Brocquy, including a watercolour titled Tinker Breaks Whitethorn, from his series of paintings depicting Travellers. It had been expected to fetch up to £60,000 but bidding stalled at £30,000 and the auctioneer passed on the lot.