Quality will be king in the auction rooms this year but also watch out for Irish art from the 1940s and 1950s and Louis le Brocquy works rising in value
THE IRISH fine art and antiques market is proving to be remarkably resilient in the face of the worst economic and fiscal crisis in the country’s history. Salerooms are surprisingly busy and, during the past year, auction houses regularly reported sales with over 80 per cent of lots sold. But what do Ireland’s three leading auctioneers predict for the year ahead?
At Adam’s, managing director James O’Halloran said “the market is demanding high quality, fresh and well-provenanced items such as fine Irish paintings; rare, quality Irish silver; fine porcelain including rare Chinese pieces and collectable items of furniture”. But, he cautioned: “Anything which has done the rounds, is damaged or restored or which is too highly estimated has a very poor chance of selling in this current market.”
His tip for 2012? Irish art from the 1940s and 1950s tended to be undervalued, he said, and there was “remarkably good value to be had in period furnishings. With such great value to be had in virtually every area of the market, buy the best quality you can afford and don’t just wait as there hasn’t been a better time to buy for well over a decade.”
Whyte’s managing director Ian Whyte said the art market had “bottomed out” during the past 12 months and he has noticed “many more collectors in the sale room and on the internet, providing more competition and a slight increase in hammer prices for many works”.
For 2012, he predicts that “many prospective sellers who have been postponing a commitment to auction for the past few years will see the renewed confidence and will consign this year. Provided that interest rates remain low, and the lack of confidence in property and equities remains, the art market will benefit from those seeking a tangible asset of enduring beauty and value.”
John de Vere White, managing director of de Veres, said art “buyers should be aware that there is currently real value on offer. If you are patient and seek out works of quality, by artists with a proven track record, your investment will be secure.”
His top tip for 2012 is Louis le Brocquy: “One of Ireland’s greatest artists, his prices have surprisingly fallen dramatically in recent years, without rhyme nor reason. This market aberration will surely pass.”
Mr de Vere White offered this suggestion to young collectors: “Form a group of four, contribute €1,000 or more each per year. I will advise you and we can buy four paintings at the start which you can rotate around your homes.
“After five years we will sell them all and you can divide the proceeds. Any takers?”
