Irish 'bad bank' selling debtor's art collection

AP News
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Posted: Sep 19, 2011 10:35 AM
Irish 'bad bank' selling debtor's art collection

Ireland's "bad bank" and Christie's auctioneers say they are selling a bankrupt property baron's art collection, including a work by Andy Warhol.

The auctions Nov. 9 in New York and Nov. 17 in London include Warhol's "Dollar Sign" and "Man Doing Accounts" by Jack B. Yeats. The 14 paintings for sale have an estimated value of euro1.7 million to euro2.2 million ($2.4 million to $3.1 million).

Ireland's National Asset Management Agency has seized control of tens of billions' worth of possessions of the nation's bankrupt property speculators.

The state-run debt management bank said Monday this will be its first sale of impounded art.

Irish media have identified the former owner as real estate entrepreneur Derek Quinlan, who purchased much of the art shortly before Ireland's property bubble burst in 2008.