The Irish Times has a few reasons to follow up on the liquidation of failed property developer Derek Quinlan’s art in New York two weeks ago. The art is all that the National Asset Management Agency (Nama) has after Quinlan skipped off to Switzerland owing huge sums:
Two of the paintings sold – raising a total of $857,000; the third failed to sell.
The propitiously titled Dollar Sign by American artist Andy Warhol made $782,500 (€573,600). The painting, which measures 20in by 16in and dates from 1981, had an estimate of $400,000- $600,000.
The second Nama painting, titled Arches Cover by Robert Motherwell sold for $74,500 within its estimate of $60,000-$80,000.
However, bidding for the third painting, Ace Airport by Alex Katz stalled at $140,000 and failed to reach its estimate of $150,000-$200,000. The auctioneer said “that is not enough” and then passed on the lot.
The proceeds of the sale 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.
‘Nama’ paintings raise $857,000 in NY (Irish Times)
