NAMA Nets $857,000 For Art At NYC Auction

The agency established by the Irish government to help deal with toxic development loans by Irish banks probably never thought it would become a player on the international art scene.

Yet, at Christies Auction House in Rockefeller Plaza last Wednesday, that's exactly what NAMA became.

The National Asset Management Agency raised $857,000 for Irish taxpayers when it sold two paintings seized from failed property developer Derek Quinlan.

"Dollar Sign" by Andy Warhol, which was painted in 1981, was the star attraction in the NAMA portfolio - selling for $782,500 well ahead of its estimate price.

Another piece "Arches Cover" by Robert Motherwell sold for $74,500, which was close to expectations.

Bidding for a third painting "Ace Airport" by Alex Katz stalled at $140,000 and was taken off the market.

The proceeds of the sale are to be used to pay off some of Quinlan's massive bank debts.

The former tax official made his fortune buying and selling property during the boom.

However he now owes a fortune to Irish banks and was one of the first developers to have their assets seized by NAMA.

The agency hopes to raise more money from the auctioning of 11 further former-Quinlan-owned paintings at Christie's London office this week.

The two paintings from those with the highest estimate prices are both from Irish artists.

'Still Life Variations 2' by William Scott has a guide price of £200,000 to £300,000.

'Red Rocks, Brittany' by Roderic O'Conor is expected to reach between £150,000 and £250,000.

Other paintings being sold to cover some of Mr Quinlan's debts include two works by Jack B Yeats and two by Louis le Brocquy.