State’s indemnity for artwork loans from outside Ireland rises to €1.6bn

The State’s indemnity for loans of artworks and cultural objects from outside of Ireland, which is required for visiting exhibitions, will rise to €1.6 billion from €190 million under new legislation.

Minister for Culture Catherine Martin said the measure was “critical” to ensure that the National Gallery and IMMA continued to receive “high-value international loans and exhibitions”.

Ms Martin appeared before an Oireachtas committee on Wednesday where the National Cultural Institutions (National Concert Hall) (Amendment) Bill 2022 was going through committee stage.

The Bill provides the legal framework to complete the transfer of the National Symphony Orchestra and choirs from RTÉ to the National Concert Hall.

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Ms Martin put forward an amendment, which was passed, that would raise the limit of the State’s indemnity for loans of artworks and cultural objects from outside the State, which is required for visiting exhibitions.

The Minister said the indemnity ceiling was previously temporarily amended by means of a statutory instrument and raised to €1.5 billion for five years, primarily to accommodate the five-year loan of the Lucian Freud collection to IMMA and “the overlap of various significant exhibitions” at the National Gallery of Ireland.

“However, that temporary increase expired on October 31st, 2021, and the limit has since reverted to the original €190 million [limit] set out in 1997 and this constrained the planning of international exhibitions as the total value of indemnity on works from outside the State on loan to institutions cannot exceed €190 million,” she said.

Ms Martin added that the €190 million figure was “no longer fit for purpose” as it did not account for the “significant appreciation in the monetary value of artworks… nor the increase in opportunities for significant arts and cultural exhibitions to visit Ireland”.

She said the current alternative for cultural institutions was to arrange for commercial insurance which was a “very significant” additional overhead.

“Such insurance can cost hundreds of thousands of euros per exhibition,” Ms Martin said.

The Minister said the €1.6 billion figure had been calculated on the basis of the increased values of artworks and artefacts and also the anticipated number of incoming international high-value loans planned in the State over the next five years.

“With the provision of State indemnity, our cultural institutions can meet the essential requirements of prominent international institutions and private collectors thus making Ireland a more attractive candidate for high-profile exhibitions,” she said. “This will increase the cultural offering available to the Irish public.”

Ms Martin said the proposal had been sanctioned by the Department of Public Expenditure and Reform and also received Government approval in June.