THERE was good news for Irish art collectors last week with the release of the latest DT Art 100 in England, which indicated a substantial improvement in the prices achieved for pictures from this country, writes Robert O'Byrne.
The DT Art 100 regularly monitors the performance of leading artists, based on the analysis of some 60,000 auction prices worldwide. Its latest figures show that globally there has been an overall improvement in the art market sales are up 7.9 per cent since last December, making this year the best so far during the present decade.
The biggest increase in prices since last December was registered by Old Master pictures by last month they were up by 28.6 per cent on last year. But second position was held by Irish 20th century pictures, which so far this year have risen in value by a substantial 26.3 per cent.
This growth in the market will come as no surprise to anyone who has been following sales in recent months. Of particular importance were the two sales held by Christie's and Sotheby's respectively on successive weeks in May.
The first of these, which was devoted exclusively to Irish painting, made a total of £1.7 million, with the day's biggest surprise coming with the sale of a Jack B. Yeats painting, A Talk Over, which far surpassed its top estimate of £50,000 to sell for £185,000 (with out auctioneer's premium).
Seven days later at Sotheby's, a total of £4,250,914 was realised in a sale that included not just Irish painting but also glass, china and some furniture. On this occasion, a new world record was set for Jack Yeats when the artist's A Farewell To Mayo formerly owned by the late actress, Vivien Leigh, who had been given the picture by her then husband Laurence Olivier sold for £730,000. At the same sale, another Yeats, Leaving the Raft, went for £600,000.
While 20th century Irish art is performing particularly well at the moment, other sectors have also picked up, not least French impressionism (up 17.8 per cent since last December), English watercolours (16.3 per cent), Scottish colourists (13.5 per cent) and American impressionists (8.1 per cent) onstrate the volatility of art sales, not all parts of the market have yet registered an improvement. Worst hit is Latin Amen can art (down a hefty 21.1 per cent) followed by Swedish 19th century pictures (down 12.5 per cent) and American contemporary art (down 5.3 per cent).
And while the considerable increase in prices for Irish art is cause for rejoicing, it's worth remembering that the market for this work is largely confined to collectors at home and a relatively small number of Irish Americans.
In addition, even the highest price paid for Jack B. Yeats is considerably less than that made by many other artists on the international circuit because Irish art still has a low profile abroad. However, these caveats are unlikely to diminish the impression that at present Irish art is enjoying the kind of buoyancy not seen here since the late 1980s. Long may it last.
