Distressed art sales haven’t figured publicly in the art market for a few years now. That doesn’t mean they’re gone—or only gone underground. Christie’s is selling 14 works by an Irish developer with the hopes of bringing £1.5m.
when tax inspector-turned property developer Derek Quinlan had his spectacular fall, the National Asset Management Agency (Nama) not only seized the loans on his string of homes in Dublin 4 and the Canary Wharf tower, but also his gallery of internationally renowned paintings. […]
The 14 paintings include Andy Warhol’s Dollar Sign which, a spokesman for Christies said, is expected to fetch between $400,000 and $600,000 in New York. Also on sale are works by Ireland’s greatest artists including William Scott, Jack Butler Yeats and Paul Henry which will be sold in London.