Irish Arts Review

The Irish Art MarketAuthor(s): Brian CoyleSource: Irish Arts Review (2002-), Vol. 21, No. 3 (Autumn, 2004), pp. 70-73Published by: Irish Arts ReviewStable URL: http://www.jstor.org/stable/25503078 .

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COLLECTING

THE IRISH ART MARKET 1984-2004

The Irish 1984-20

The Irish art collector

was at one time a

cautious and

conservative investor,

but, as BRIAN

COYLE outlines, a

seachange in attitude

has occurred over

the last two decades

Art Market Considerable changes have taken place in the Irish art

market in Ireland and abroad over the past twenty

years. In 1984 the market was concentrated on quality

works by established artists with a distinct focus on

work from the pre-1940 era and predominantly representational in

nature, whereas in 2004 the range of contemporary work on offer has

increased to meet a strong current demand. Over the past decade

many new galleries have opened throughout the country and young

talent has been greatly encouraged through sales of their work.

Interest in Irish art has never been stronger, but the difference today

is that more abstract art is being produced and successfully sold.

Nevertheless, representational art still holds top place in

Ireland, but the scene is definitely changing. With increased edu

cation and travel the mindset of Irish collectors is being influ

enced by international art trends. I remember well that in 1984

publications on Irish art were few and far between and they tended

to focus on the pre-1940 era. Institutional interest has greatly

increased the breadth of publications in the past twenty years,

together with the provision of exhibitions and exhibition space

available for contemporary art which has

educated a wider audience.

The foundation of the Irish Museum

of Modern Art has had an important influence on modern Irish collecting and while we have not yet quite reached the heights

(or otherwise) of Mr Saatchi's collection in London, we have developed a much more open

mind on contemporary art Exhibitions at Dublin City Gallery the Hugh Lane, as well as

IMMA, were influential. The Arts Council has also played an important role. Corporate

collections, including the Bank of Ireland, AIB and formerly Carrolls, also helped to form

public opinion in relation to contemporary art in Ireland. Aesthetics and knowledge are

linked and academic review is a driving force for the art market.

However, in Ireland and elsewhere big money still chases the post-impressionists. One

reason is that the new money often desires artefacts associated with old money, which also

means quality and partly because these artists have always been viewed as the blue chip of

the art investment market. You can see this in the modern passion for portraits by Orpen

(Fig 5) and Lavery. Portraits such as these represent the encapsulation of a lost world of protected affluence. Pre

1914 lifestyles hold a fascination for many people. Similarly the expression of Irish nationalism in the landscapes of the rugged West of Ireland and the poignancy of Jack Yeats' illustrations of the western way of life.

70 IRISH ARTS REVIEW AUTUMN 2004

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John Luke 77?e ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H f/?e Bubble ^^H^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^f rayon on x ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H (Courtesy Pyms ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H

Brocquy ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H Outdoors ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H on canvas x 56cm ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H le Brocquy ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H (Courtesy James Adam ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H

Robert Ballagh ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H on canvas x ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^K Gordon ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^1

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|P*1 COLLECTING THE IRISH ART MARKET 1984-2004

The success story of Irish art in modern times began in 1973

when one of the first specialised Irish art sales at James Adam

Salerooms included the important painting A Palace by Jack B Yeats

RHA. This painting aroused a lot of interest from collectors and a

densely crowded auction room saw the bidding rise to a final price

of ?15,000 - an unheard of price for a work by an Irish artist. The

excitement was palpable as the picture had an interesting prove

nance. It had hung for many years in the dining room of Jammet's

famous restaurant on Nassau Street, Dublin. It was purchased by

the late Mr Nesbit Waddington, who was a keen collector.

Specialised sales in Ireland were almost unheard of before

1970. While there was always interest in particular artists such as

Jack B Yeats, Paul Henry, William Leech or Walter Osborne, their

works trickled through sales somewhat unnoticed. It must be

remembered that at the time many artists who are now household

names like Leech, Swanzy, MacGonigal, Campbell, were still liv

Auction sales of Irish Art were a regular feature and Dublin, in

particular the Adam Salerooms, was the leading market place.

Buyers were mainly professional people and dealers who in turn

sold on. It was becoming fashionable to own Irish Art and new

buyers were entering the collecting field. Yet contemporary art, in

particular abstract art, had little or no following at auction.

Certainly, we could not offer the work o? well-known and collected

contemporary artists at auction at that time. I recall the late Sir

Basil Goulding seeking my advice on the sale of part of his large

collection of modern art. My advice then was to offer it for sale

privately, as apart from the work of one or two artists, there was

little hope of success at auction. Eventually he employed David

Hendriks of the Hendriks Gallery to sell for him.

Some of the pioneering dealers in modern art in Dublin, such

as Oliver Dowling, worked tirelessly to educate Irish taste. The

Rose art exhibitions of international art also helped to turn the

In my forty years experience in the business it has taught me that as one market becomes less accessible to the public because of lack of availability or increase in price, the market focuses on another

ing and their sales were mainly through dealers. Therefore, the

modern stock of quality Irish art was in the course of being

assembled by collectors and eventually investors as well.

When several important art collections came to the market in

the early 1970s the position began to change. With greater pro

motion and publicity, through widely circulated catalogues and

advertisements, auction sales gained the lead. As these sales

became established and prices began to rise, dra

matically in some cases, a wider public

became aware of the potential and ^d/fife'Jyl^^

interest of Irish art. ^ij??aB^^^^^L It is difficult to put forward particu- flH^H^^^^^^H

lar economic reasons for the market to ^^^^H^^^^^^^B

change in the 1970s. It was a particu- ^^^^^^^^^^^^H larly turbulent period marked by the oil ^^^^^^^^BH crisis, the Arab/Israeli wars, high emi-

B^^^^^^^ gration, etc. Interest rates during this

y^^^E^^I period were exceptionally high and mJ^^^^^^^H it is no secret that art has been

KS^^^^^H often in the past viewed as a safe

^E^^^^^^H haven during troubled times and a

^B^^^^^^H hedge against inflation. By the early Hf^^^^^^H 1980s a generation that had pur- V^^^^^^H chased works by Yeats, Henry and ^^^^^^^H i others had passed on and their suc-

fl^^^^^^fl m cessors, often in need of funds, sold l^^^^^^l fl out of necessity. The result was a J^^^^^^^fl ^1 greater available supply which, m^^^^^^^^k ^^? adding to rising values, produced ^H^^^^^^H ^^1

active market. ^B^^^^^^^l ^^1 By 1984 the auction market ^^I^^^^^^^H ^^1

for Irish art was well established. fl^^^^^^^^^H ^H

attention of the public and private collectors towards modern art.

Dedicated collectors, such as Gordon Lambert, formed influential

and important collections (Fig 3). Even Leo Smith at the conserva

tive Dawson Gallery promoted successful exhibitions of abstract

Modern art and sculpture. Mention also should be made of David

Hendriks, Suzanne Macdougald (Fig 4) and John Taylor who were

stalwarts in the promotion of Irish contemporary art. Amongst the

most successful artists in the genre was, of course, Louis le Brocquy

(Fig 2) whose painting Indoors Outdoors fetched IR?60,000 in 1989.

In the 1980s the number of galleries offering work for sale in

Ireland was relatively small. As always works of

quality by deceased artists made the highest

? prices. Conservative Irish taste preferred

Western and Northern landscapes by

Paul Henry and Frank McKelvey. Yeats'

later works were for the cognoscenti -

and they were the fortunate ones who

purchased them at the time. Two

important elements of modern collecting - the trophy possession and investment -

were becoming evident.

In 1989 another landmark in values

was reached. A painting by Jack B Yeats

fetched ?280,000 at auction. The pur

chaser, on the telephone, was Dr

Michael Smurfit. This was Harvest

Moon a strong figurai work (Fig 7). At

that time I forecast a million pounds

sale of Yeats within ten years. By the

early 1990s Irish art had become an

international commodity and success

ful sales were also held by the major

IRISH ARTS REVIEW AUTUM V^^^^^^^^^H ^^^^^^^^^^^^^H

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London auctioneers Sotheby's, Christie's and Bonhams, at first

in Dublin and eventually in their London salerooms. This ero

sion of supply in Ireland was mainly compensated by the repa

triation of works purchased by Irish residents. Major publicity

and valuable promotions helped develop even further interest in

Irish art. There was, of course, the added cachet of being seen

bidding in smart London salerooms. So, the super rich were into

Irish Art and a good thing too. The old adage of 'a rising tide

lifts all boats' is equally applicable to the art market. In my forty

years experience in the business it has taught me that as one mar

ket becomes less accessible to the public because of lack of avail

ability or increase in price, the market focuses on another, e.g.,

as works by Irish artists such as Yeats, Osborne, etc. went out of

the reach of the average collector so the market turned towards

other artists, such as Letitia Hamilton, Norah McGuinness (Fig

6), for example. Works by little known fine artists such as John Luke came to auction and have fetched exceptional prices (Fig 1).

Patrick Scott, Robert Ballagh and Camille Souter are amongst

others to justifiably benefit from the rising tide.

Of course the good Jack ^^^^^^^^^^^^^^^^^^^

Yeats are now for the ^^^^^^^^^^^^^^^^^^H really ^^^^^^^^^^^^^^^^^^H or the trophy ̂^^^^^^^^^^^^^^^^^H

Walter Frederick Osborne has ^^^^^^^^^^^^^^^^^^H become very expensive. One ^^^^^^^^^Blj^^^^^^l of Ireland's most romantic ̂ ^^^^^^^H ^^^^^^H post-impressionist painters, ^^^^^^^^^Bp^^^^^^l Osborne's work had always ^^^^^^^^^Kiil^^^^^^H atten- ̂ ^^^^^^^^^^B^^^^^^l In ^^^^^^^^^^^^^^^^^H was often the last work to be w?K????B^????B????B^^

sold from a family collection.

So, where is all this new money coming from? Young profes

sionals in IT, commerce, law and other industries. Wherever it

was created it certainly gave the art market a boost. The net result

of all of this was the creation of a new society of 'possessors of

art' who could and can hold on and usually avoid the necessity of

sale. Since art of quality can appreciate at between 10% and 20%

per annum, the investment is obviously secure.

On a more mundane level, the overspill from all of this excite

ment and new discovery for many saw sales of art generally

improve. The new generation of high earners - entrepreneurial

talent - was being targeted. A 'hi-tech' generation with a taste for

minimalism had little enough time for pleasant landscapes and

village scenes. So, a new wave of interest in modern art has been

established. Sculpture, an area much neglected in Ireland, has

seen an important renaissance. In fact, it probably has more

appeal to modern taste than many works in other mediums.

To say that abstract art will overtake traditional representational

art in Ireland in the near future would be a mistake. But to say that

it is now more equal here is true. The buyers of 2004 are in general

much better off than their forebears in 1984. Whether they spend their money wisely or indeed on art at all is another matter.

BRIAN COYLE is Chairman of James Adam Salerooms St Stephen's Green, Dublin.

Rowan Gillespie ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H

220cm ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H (Courtesy the ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H Solomon ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^M Sir William Orpen ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H RHA RA ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H Mrs George ̂ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H on canvas ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H

NORAH ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^1 on ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H canvas x 41cm ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^m (Courtesy de ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H

Jack Yeats ^^^^^^^^^^^^^^^^^^^^^^^^^^H^^^^^^^^^H /WOO/7 ^^^^^^^^^^^^^^^^^^^^^^^^^^^H^^^^^^^^^^^H on canvas ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H

(Courtesy James ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^B

^^^^^^^^^^^^^^^^?^^^^^B?^^^^?^^^^^^?w^HHH^^^^?Illl^^^^^^^^^^^^9^^^^^^SIJ^^^^^^I ^^^^^^^^^^ ^^^B|HHkT; : '...,, ;f|^^HHH^^^HSf||^^[|^H^BH^^^E^^^^^^H

AUTUMN 2004 IRISH ARTS REVIEW | 73

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