Alfred Beit Foundation back in the black with €5.4m profit

The Alfred Beit Foundation is back in the black after recording a profit of €5.4m in 2015 on the back of two sales of its six ‘Old Masters’ paintings.

The foundation operates loss-making Russborough House in Co Wicklow and it sparked a public outcry in 2015 when it announced the sale of its Old Masters series in order to keep the 18th century Georgian mansion open to visitors.

After a series of emergency meetings with Minister for Arts and Heritage Heather Humphreys, the foundation postponed the planned auction at Christie’s in London.