€1 million was spent in just two hours at an Irish art auction last week, according to a report in the Irish Times. One work, "Insolvency", had sold for €7,297 at an English auction last March, but "made" €36,000 at the Dublin bidfest.
Think about that one for a minute. A record bid for a painting called "Insolvency" in an insolvent country.
We can draw some conclusions here:
1) Richard Bruton is picking the wrong targets for his "austerity" drive in selecting the hard-working poor in the catering and retail sectors. It is unlikely they were strongly represented at this event.
2) In contrast, one of the bidders - interviewed on assurances of anonomity by the Times - was a "medical professional", eager to salt his cash into art rather than deposit accounts.
3) There must still be a sizeable portion of people in this country with hot money, in sectors those in Revenue don't bother their lazy arses to investigate.
4) What a country we live in.
I've a suggestion for Richard Bruton and Irish art investors alike, for the next auction around.
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