Madam, – The recent disclosure of the intention of Richie Boucher, chief executive officer of Bank of Ireland, to sell off the bank’s art collection is a disaster in artistic, cultural and financial terms that is virtually unparalleled in the history of the State.
This firesale will not realise half the value of these assets. It will depress the art market in Ireland and internationally for works of Irish art now and in the future, resulting in a barren marketplace for Irish art and artists for many years to come. It will also totally devalue any pictures currently held in private hands and spark a downward contagion in Irish artistic assets and antiques.
As such, it makes a complete mockery of the Government’s stated position that Irish culture will lead the way to economic recovery – much publicised as part of the annual St Patrick’s Day political trip to Washington DC.
If we don’t put a value on our art and culture, why should anyone else? This collection reflects modern Irish art over the past 40 years and as such is a useful resource – it should not be broken up and the stated value of €5 million for 2,500 pieces puts an average value of €2,000 on each piece which is ludicrously low.
Moreover, a lot of the pieces are very large corporate pieces which are unlikely to realise their real value in the current market. Far better for the State to take them over – this will show some return on the investment by the taxpayer in Bank of Ireland.
The “cover story” of philanthropic endeavour is simply unacceptable. There is little point in pledging to charity, if, by your actions, you create more charity cases. Flooding the market with artworks of prestige at firesale prices will clearly do this by smothering demand nationally and internationally, signalling a lack of value in our own heritage and culture, knocking the bottom out of the asset value of Irish art and thereby depriving artists and art entrepreneurs of a viable livelihood.
We are calling on Minister for Finance Brian Lenihan to intervene to prevent this act of cultural and financial vandalism, exercising his authority on behalf of the people of Ireland by directing Bank of Ireland not to proceed with this sale. – Yours, etc,