NAMA - The Art Collections

The National Asset Management Agency (NAMA), set up by the Irish government to deal with toxic assets in Irish banks, is now finding itself cast as a National Art Management Agency.

The agency bought loans off the bank's balance sheets over the last years and is now pursuing property developers and others who owe the money back.

In some cases, the assets it is seizing from those debtors include collections of fine art, which is stirring interest in international circles.

NAMA is known to have in its possession works by Andy Warhol, Paul Henry and Roderic O'Connor.

They came from a large cache of prestigious art seized from Derek Quinlan, a former tax inspector turned property speculator, who is known to have had a collection worth €5m.

Mr Quinlan now lives in Switzerland, but used to live in a swish property in Dublin 4.

Two paintings from Quinlan's collection are now at the National Gallery of Ireland.

The first - Sir John Lavery's "Return from the Market" - was given as a gift by Nama to the nation.

The second - Jack B Yeats' "National Airs/Patriotic Airs" - was bought by the gallery for €175,000.

NAMA has refused to disclose the full list of art works it has seized, but assured the public that the collection is being securely stored, and will be sold later this year.

As the assets of individuals and companies were taken into public owners, much of the private and corporate art collections have been taken from the walls of homes and offices around the country.

NAMA has sought proposals from some of the leading art houses in the world on how to dispose of the works and get the highest return possible for taxpayers.

The main Irish art auctioneers and leading international houses like Sothebys, Christies and Bonhams are all likely to involved.