BANK OF IRELAND SELLS PART OF ITS ART COLLECTION

BANK OF IRELAND HAS RAISED OVER $2 MILLION IN A SALE OF ITS PRIZED IRISH ART WORKS, AUCTIONEERS SAID THURSDAY, BU THE MONEY WON'T BE USED TO SHORE UP THE TROUBLED LENDER AMID THE COUNTRY'S ECONOMIC GLOOM. ADAM'S AUCTION HOUSE SAID 144 WORKS SOLD WEDNESDAY NIGHT, WHEN MORE THAN 500 PEOPLE PACKED INTO THE GLITZY BALLROOM OF DUBLIN'S SHELBOURNE HOTEL, HOURS AFTER THE GOVERNMENT ANNOUNCED THE TOUGHEST BUDGET CUTS IN THE COUNTRY'S HISTORY. THE EVEN HIGHLIGHTED THE RESILIENCY AND QUIRKINESS OF IRELAND, WHERE FOR DECADES WEALTH WAS KEPT HIDDEN UNDER A MATTRESS, AND WHERE SAVERS ONCE AGAIN ARE SEEKING A HAVEN SAFER THAN THE COUNTRY'S CRIPPLED BANKS. IT ALSO PROVIDED A LIGHTING ROD FOR PEOPLE DISGUSTED BY HOW IRELAND'S BANKS BROUGHT THE COUNTRY TO RUIN, ARE ON COURSE TO RECEIVE BILLIONS MORE FROM AN INTERNATIONAL LOAN, YET CLING TO THEIR OWN STAGGERING PRIVATE WEALTH. 'THE BANKS HAVE MISMANAGED EVERYTHING FOR THE LAST 12 YEARS. WHY SHOULD WE NOW ENTRUST THEM WITH THIS COLLECTION?', ASKED GEMMA MASTROINNI CARROLL, A FORMER WALL STREET BANKER WHO WAS AMONG ABOUT 20 PROTESTERS OUTSIDE THE SALE. 'THESE ARE VALUABLE ASSETS FOR OUR FUTURE. THE BANKS WILL DEFAULT, AND THEY WILL LEAVE THIS COUNTRY WITH ABSOLUTELY NOTHING', SHE SAID. BANK IF IRELAND DECIDED TO AUCTION OFF ITS ART STOCKPILE AFTER FACING CRITICISM OVER ITS MULTI-BILLION BAILOUT AND ITS INCREASING RELIANCE ON TAXPAYERS' GOODWILL. THE BANK IS DONATING THE MONEY TO LOCAL CHARITIES RATHER THAN COVER ITS DEBT LIABILITIES. SOME CRITICS ARGUED THE BANK SHOULD BE DONATING ITS ENTIRE 2,000 PIECE COLLECTION TO THE NATION, SO THE WORKS ALL WOULD REMAIN IN IRELAND. SOME ON WEDNESDAY'S WINNING BIDDERS CAME FROM COUNTRIES RANGING FROM THE UNITED STATES TO JAPAN. BUT MANY OF THE BIDDERS SAID THEY WERE RELIEVED THAT BANK OF IRELAND MOUNTED THE AUCTION, AND THAT ANYBODY SHOWED UP. THE AUCTION HOUSE WAS FORCED TO SWITCH THE SALE TO THE NEIGHBORING HOTEL BECAUSE OF THE HIGH PUBLIC INTEREST. IT'S NOW EXAMINING THE BANK'S REMAINING WORKS FOR POTENTIAL FUTURE SALES. IRELAND'S FIVE OTHER IRISH BANKS, ALL BUT ONE OF THEM NATIONALIZED OR HEADING THAT DIRECTION AS STATE BAILOUTS GROW EVER LARGER, ARE CONSIDERING THE SALE OF THEIR OWN ART COLLECTIONS. THE LANDSCAPE 'CLOUDS AT SUNSET', A 1911 STUDY OF KILLARY HARBOR IN WESTERN IRELAND BY NORTHERN IRISH ARTIST PAUL HENRY, ATTRACTED THE HIGHEST BID OF $88,000. THE AUCTIONEER, JAMES O'HALLORAN, NOTED THAT THE PRICES REACHED WEDNESDAY GENERALLY PALED IN COMPARISON TO THE FREEWHEELING BIDDING EXPERIENCED IN THE FINAL, HEADY DAYS OF IRELAND'S CELTIC TIGER BOOM, JUST THREE YEARS AGO. 'WILLIAM JOHN LEECH'S STILL LIFE OIL PAINTING 'MARGUERITES', WHICH SOLD FOR $22,600, COULD HAVE SOLD FOR TWO OR THREE TIMES THAT PRICE IN THE RECENT PAST. PARTLY IT'S THAT TASTES HAVE ADJUSTED OVER THE LAST FEW YEARS, BUT THE SPECULATORS HAVE ALSO GONE. IT MEANS WE HAVE A MUCH MORE GENUINE ART MARKET.'