AIB donates artworks to State

AIB is donating 39 of its most valuable pieces of art to the State, including three works by Irish artist Jack B Yeats.

Bailout lender Allied Irish Bank (AIB) today revealed it is giving something back to the taxpayer – a Jack B Yeats masterpiece worth more than €1m and 38 other valuable artworks.

The iconic painting, A Race in Hy Brazil, is among the sought after pieces valued at €5m being donated by the bank.

Works by Sean Keating, Paul Henry, Roderic O’Conor and Walter Osborne are part of 12 major artworks being transferred to the State immediately.

They will be held and put on display by the Crawford Gallery in Cork.

Arts Minister Jimmy Deenihan said the partnership was exciting and deeply important.

“The AIB Collection is the pinnacle of wise and knowledgeable connoisseurship and as such is a valuable addition to the National Collection,” he added.

Art experts said AIB – which along with ESB has got €21bn from the State – was renowned for having one the finest collection of Irish art in the country.

Crawford chairman John R. Bowen, said it was privilege for his gallery to be entrusted with the custody of the works which have hung in AIB’s banking centre in Ballsbridge.

“Acquired by one of Ireland’s leading financial institutions, the AIB Art Collection, from its beginning, was inspired by a view and a vision of Irish life and culture that extended beyond the investment and financial business,” he said.

AIB said the other 27 artworks will be transferred to the State over the next two years, with an additional collection of almost 1,000 artworks – worth another €5m – will be made available for public exhibitions.

David Hodgkinson, AIB chairman, said that over 30 years ago AIB set out to support the development of modern Irish art, the work of Irish artists and those who have made Ireland their home.

“We have worked with Minister Deenihan and his office with a view to ensuring that the artworks of historic and cultural interest are preserved and made more accessible to the Irish public,” he said.

“By donating significant artworks to the State and making the wider collection available for loan, we are achieving these important objectives.”

David Britton, of Adam’s auction house – which last year sold a Jack B Yeats oil painting for a record €1m – said it was a great day for Ireland.

“A Race in Hy Brazil is one of the most important Yeats’ pieces,” he said.

He believes its €1m price tag is not outrageous, and could go for €1.5m if sold privately.

Mr Britton said the works will be a fantastic addition to the Crawford, which previously secured the Great Southern Hotel collection.

“The AIB collection was renowned as one of the finest collection in the country and they very much formed the best of the best of Irish art,” he added.

“Members of the public outside Dublin will have access to top class Irish art.”