According to Reuters, Ireland’s Anglo-Irish bank will auction off 14 precious works of art at Christie’s. This is part of the bank’s effort to pay off $42.7 billion of mortgage loans leftover from the country’s housing crises.The entire collection is worth $2.8 million, and includes Andy Warhol’s “Dollar Sign” and Alex Katz’s “Ace Airport”. Each piece is valued between $62,800 and $314,000, and they will be split between a November 11th auction in New York and a November 17th auction in London.
The sale was set up by Ireland’s National Asset Management Agency, the body in charge of purging banks of their toxic real estate loans. In July NAMA announced that it would start seizing assets from its debtors, some of whom speculated on the housing market when Ireland was still the “Celtic Tiger.”
And NAMA wasn’t kidding when they said assets. They meant anything from helicopters and private planes to skyscrapers.
The works in this specific auction belonged to Derek Quinan, a former tax inspector turner London hotelier. NAMA took a number of buildings he owns on London’s Canary Wharf worth about $1.6 billion earlier this year.
In their press release, Christie’s notes that Quinan is in compliance with the sale. Christie’s was kind enough to send us some of the pictures, and we’ve got them for you here.
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