The big winter Irish art sales – by de Veres, Whytes, Morgan O’Driscoll and James Adam – grossed almost five million euro. This figure suggests that market for Irish art is in a state of rude good health. The real story is more complex. Bidding is brisk, turnover is up and the market has its problems. All auctioneers are finding it difficult to source top quality works. “What incentive is there to sell when you can get no interest on your money” one asked.
Right now this remains very much a buyer’s market. Prices are deflated and a correction upwards is long overdue. The view is that this has to happen, the only question is when. Meantime prices are far from stratospheric across all levels and ranges. Todays art buyer has become both discriminating and picky and there is a price above which they will not venture.
The market in 2016 was unpredictable and threw up some surprising results. Adams failed to get their main Yeats away at the latest sale but still grossed 1.35 million with 76% of lots on offer finding buyers. Morgan O’Driscoll capped off what he described as an unbelievable year with a Dublin sale that drew bidders from 12 countries and grossed over a million this month. The September sale at Whyte’s was the most successful since 2008 and a small west of Ireland landscape by Paul Henry made a hammer price of 87,000 at their latest sale. A large pastel by Sean Scully sold for 165,000 at the late November auction by de Veres, which grossed around 1.6 million. And Sean Keating’s Aran Woman and her Children sold for 130,000 at hammer a Mealy’s this month – the first time since 2008 that a Keating sold for a six figure sum. Sell through rates of around 75%-80% are being reported from most sales.
The Bronze Horses of St. Marks by Patrick Hennessy made a hammer price of 32,000 at James Adam.
Garden at Night by William Crozier sold for a hammer price of 19,000 at Whyte’s
