HOPES THAT Anglo Irish Bank’s art collection could help to raise significant money for the State have been dashed by the bank’s discovery that many of the paintings “have no value” – just like its once highly rated shares.
When Anglo became the State-owned Irish Bank Resolution Corporation (IBRC), it inherited Anglo’s art collection – some 320 pieces – along with other assets and liabilities.
About one-third of the paintings have been valued as worthless – in financial, not necessarily artistic, terms – consisting of “the type of art that could be bought from the railings on Merrion Square”, according to a bank spokesman.
Another 100 paintings have an estimated value each of between “€0 and €500” while there are just 100 artworks that may be worth more significant amounts. The entire collection has been valued at “less than €1 million” and more likely just €750,000.
A spokesman for IBRC said it is “actively considering options” regarding how to dispose of the art “for the benefit of the State – in the months ahead”.