Anglo Irish Bank: Working Largely In The Medium Of Crap

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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”.

Anglo’s sketchy art collection is of little cash value to the State (Irish Times)

(Photocall Ireland)

14 thoughts on “Anglo Irish Bank: Working Largely In The Medium Of Crap

  1. W

    some of the artists on Merrion Square are very good actually and a few of them are becoming fairly expensive, the bank spokesman really doesnt seem to have a clue what he is talking about… no surprises there then.

    1. Spaghetti Hoop

      I don’t believe he was ridiculing the Merrion Square level of work. Just puporting to the fact that Anglo bought paintings for aesthetics, not necessarily for investment.

      1. atswim

        I think that might be a bit kind to Anglo but yes that’s the point really. It’s about the resale value and selling art is a tricky business.

    2. thinking out loud while that is still allowed

      maybe – send them one by one -starting with the most expensive- to the primary schools with poorest attendance/roll records, best painting to poorest attendance records….

  2. @FrillyKeane

    Distribute them to the hospices, old folks homes and other residential care facilities around the country. FFS.
    I swear any attempt to sell these …. and charge fees and VAT …. Christ t’nite. I won’t be responsible

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