Another poor investment

ANGLO Irish Bank had a talent for investment that went south, and its art collection will almost certainly bring in less than it cost to purchase in the first instance.

The fire sale of the former bank’s art collection at James Adam’s in Dublin on Tuesday should raise around €150,000.

The collection is a mixed bag. Managers were allowed to buy occasional pieces for local branches, but there is plenty to suggest that artistic discrimination came into play, as it was assembled over a number of years.

There is a fine collection of canvases by Felim Egan, whose subtly-coloured panels adorn the atrium of the National Gallery, and grace many public and private art collections. There are also a number of paintings by Stephen McKenna, the former president of the Royal Hibernian Academy, as well as etchings by Sean Scully and six monumental watercolours of Irish wildlife by Pauline Bewick.

The 134 lots on offer also include work by Louis le Brocquy and Tony O’Malley.

The wind-up of the bank is estimated to have cost the Irish taxpayer €25bn. The sale is taking place on the orders of the liquidator of the Irish Bank Resolution Corporation and goes on view at James Adam, St Stephen’s Green, Dublin from 2pm to 5pm tomorrow. Viewing is from 10am on Monday and Tuesday. The auction gets underway at 6pm on Tuesday.