One-in-10 could find something of value at home and strike it rich
Auctioneer Ian Whyte recently grossed €5.5m for Old IRA man Ernie O’Malley’s Irish art collection – the highest result for an art auction in Ireland. He has sold all kinds of collectables, from Proclamations of Independence worth hundreds of thousands to toilet paper from the Second World War. Here he tells us about how to separate the rubbish lying in your attic from the really valuable items that might be worth a fortune.
Ernie O’Malley was a writer and Irish revolutionary. Why was the collection he passed on worth so much?
It included five of the best Jack B Yeats paintings ever offered at auction, two of which exceeded €1m each (actually €1.6 and €1.7m)
You auction all kinds of things at Whyte’s. What’s the most unusual?
World War II German Army (Wehrmacht) roll of toilet paper (unused!)
What was the biggest price you achieved for a collectable?
€250,000 for a fascinating correspondence between Michael Collins and Thomas Ashe in 1917.
Yet earlier this year, the man who preceded Collins as arguably the most popular politician of his day, National Party leader John Dillon, had a derisory bid of only €150 for a collection of his letters and memorabilia …
People don’t seem to go for Dillon. I don’t know why. That happens. There are sometimes people or things that are particularly of interest.
What about coins?
Every household has a jar and some might go back to the turn of the century. Most tend to be copper or brass, which are not valuable. If it’s in a collection or in an album then it could be worth something. People used to hide money in books. One chap came in with a rare £10 note valued at €12,000. He was delighted.
What was the most surprising value for an item that went under your hammer?
A Chinese ornament we thought might fetch €50 and which made €9,000.
What was the item you sold with most historical value?
€170,000 for a 1916 Proclamation of The Irish Republic.
How do valuable items come to your attention?
Unfortunately, a lot of people come in when someone passes away and they are clearing out a house or estate and find all sorts of things like their grandfather’s medals or old banknotes from the 1930s or 1940s. Examples of valuable items include paintings, vintage posters or metal signs, picture postcards, mid 20thcentury designer chairs and collectable toys.
How often do they strike it rich?
Ninety percent of the time, they may be disappointed. But one out of ten could find something valuable.
What makes something valuable?
Stamps are often given a surprising value through errors in the production process. But this is no good unless they are also rare.
What things are rising in value?
Militaria, space exploration (items from US and Russian pioneer space flights), rock and pop memorabilia, sports memorabilia, rare film posters such as 1950s Dracula, 1920s Frankenstein, The Quiet Man from the 1950s, Irish historical letters, very old whiskey, vintage wines and port.
Are toys becoming valuable?
Yes. Early editions of 1970s Star Wars figures, Sindy dolls, Cabbage Patch Dolls, GI Joes, Transformers etc.
Have you anything interesting going under the hammer soon?
We have some very rare letters from Wolfe Tone, the father of Irish republicanism, a collection of John McCormack correspondence and some great Irish art including Jack Yeats, William Orpen and John Lavery.
What’s the best investment you made?
A small drawing by Louis le Brocquy which I bought in 1968 for £2 and is now worth €3,000.
Do you have a pension?
I have a self-administered pension and it is growing at 10% per annum – if I had more time to attend to it I would probably lose 50%!
Name three things you would do as finance minister?
1. Reduce the top combined rate of income tax and PRSI and USC to 35% (presently around 52%)
2. Reduce capital gains tax to 25%
3. Reduce the residency for tax purposes to 200 days over two years – the combination of these three moves may actually increase the tax take as the billionaire exiles return and taxpayers have more money to spend.