TWO PAINTINGS SEIZED by the National Asset Management Agency from a developer to help pay his debts have sold for over €600,000.

The artworks were sold at an auction in Christies in Rockerfeller Plaza, New York last night. A spokesperson for NAMA could not confirm the identity of the developer; however the Irish Times has reported it to be Derek Quinlan.

Speaking to TheJournal.ie, the NAMA spokesperson confirmed that the paintings were sold at Christies on behalf of NAMA “to help pay down the developer’s debts to the agency”.

‘Dollar Note’ by Andy Warhol sold for $782,500 (€575,240). The estimated guide price for the piece had been $400,000 – $600,000. The identify of the buyer is unknown.  The lot notes for the piece note: “The growing connection between money and art intrigued Warhol”.

Another piece called ‘Arches Cover’ by Robert Motherwell sold for $74,500 (€54, 767). A third painting failed to sell.

NAMA seized 16 paintings from Quinlan, who owed huge sums to Irish banks. These included works by Jack Butler Years, Roderick O’Connor and William Scott, as well as Warhol and Motherwell.

Two of these paintings were donated to the National Gallery of Ireland. The remaining eleven will be auctioned off at Christies in London on November 17th.

It has been estimated that the sale of the paintings will raise between €1.7 and €2.2 million.