THE NATIONAL Asset Management Agency (Nama) successfully entered the international art market in New York last night when paintings seized from failed property developer Derek Quinlan went under the hammer at a Christie’s auction in Manhattan’s Rockefeller Plaza.
The first Nama painting was the propitiously titled Dollar Signby American artist Andy Warhol which sold for $782,500 (€573,600). The painting, which measures 20in by 16in and dates from 1981, had an estimate of $400,000- $600,000. It sold for $650,000 but when fees and the buyer's premium were added, the unnamed buyer paid $782,500.
The proceeds will be used to pay off some of Mr Quinlan’s huge bank debt which has been taken on by the Irish State. Mr Quinlan, a former tax inspector with the Revenue Commissioners, amassed a fortune buying and selling property during the Celtic Tiger boom. Two years ago, he quit his Ballsbridge home and moved to a villa on the shores of Lake Geneva in Switzerland owing huge sums. His loans have been transferred since to Nama which, in an effort to recoup some of the money, seized various assets, including his private collection of 16 paintings.
The agency had asked Christie’s to sell 14 of them at a series of auctions which will continue in London next week.
Three of the paintings – all by American artists – were included in the New York sale.
It is understood that Mr Quinlan bought Dollar Signin 2006 for about €300,000.
The two other paintings from Mr Quinlan's collection, due to be auctioned later last night, were Ace Airportby Alex Katz (estimate $150,000-$200,000) and Arches Coverby Robert Motherwell (estimate $60,000-$80,000).
Two of the seized paintings have been acquired by the National Gallery of Ireland.
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