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 education and travel the mindset of Irish collectors is being influenced 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.

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 provenance. 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 living 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 promotion and publicity, through widely circulated catalogues and advertisements, auction sales gained the lead. As these sales became established and prices began to rise, dramatically in some cases, a wider public became aware of the potential and interest of Irish art.

It is difficult to put forward particular economic reasons for the market to change in the 1970s. It was a particularly turbulent period marked by the oil crisis, the Arab/Israeli wars, high emigration, etc. Interest rates during this period were exceptionally high and it is no secret that art has been often in the past viewed as a safe haven during troubled times and a hedge against inflation. By the early 1980s a generation that had purchased works by Yeats, Henry and others had passed on and their successors, often in need of funds, sold out of necessity. The result was a greater available supply which, adding to rising values, produced an active market.

By 1984 the auction market for Irish art was well established. 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 of 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 Rosc art exhibitions of international art also helped to turn the 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 conservative 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 purchaser, on the telephone, was Dr Michael Smurfit. This was Harvest Moon a strong figural 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 successful sales were also held by the major London auctioneers Sotheby’s, Christie’s and Bonhams, at first in Dublin and eventually in their London salerooms. This erosion of supply in Ireland was mainly compensated by the repatriation 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 market becomes less accessible to the public because of lack of availability 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 reserved for the really well-off collector, investor or simply the trophy hunter. Similarly the work of Walter Frederick Osborne has become very expensive. One of Ireland’s most romantic post-impressionist painters, Osborne’s work had always attracted respect and attention. In fact, traditionally his was often the last work to be sold from a family collection.

So, where is all this new money coming from? Young professionals 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 excitement 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.