Author Archive

ALTERNATIVE INVESTMENTS

The antiques dealer who paid €130,000 for a Chinese vase at an auction in Offaly last week is already negotiating its resale for a “nice” profit, The Sunday Times reports.

Richard Peters said he would have gone closer to €200,000 for the vase, which had a reserve of just €100-€150. He also paid €41,000 for another two vases and said he would have been prepared to pay much more for these too.

Sheppards, the Durrow-based auction house who sold the vases, defended the prices received, claiming Peters had paid “top dollar” for them and the sellers had got fair value, even though with no reserve they could have sold for a lot less.

Odds on that Peters will be returning shortly for the next Sheppards’ auction of vases from the same client.

HORSE RACING

All bets may not be off but with only a couple of weeks left before punters join the annual exodus to Cheltenham, one of the world’s biggest bookies is lamenting the death of the Celtic Tiger.

Victor Chandler has told the Irish Independent that his turnover is down nearly 50% from the highs of 2007 even if the number of bets is up.

“There’s just no money in Ireland. It’s destroyed. The number of bets is better but the business is smashed. We’ve got no big players. Everyone seems to have been damaged.”

LARGEST LOSS IN CORPORATE HISTORY

Anglo Irish Bank wants to draw a line under its past when its annual results are published next month, according to a front page article in The Sunday Times. You can readily see why. The nationalised bank is the functioning definition of a basket case. Anglo is about to announce the largest loss in Irish corporate history when it writes off €11.2 billion on loans that it will transfer to the National Asset Management Agency (Nama).

O’DRISCOLL PUSHES BRAND

Brian O’Driscoll may have limped off in the Ireland-England game last weekend but he has no intention of slowing down when it comes to exploiting his image. The Sunday Business Post reports that the Irish rugby captain is out to improve his brand by launching a new website, www.brianodriscoll.ie. The site will promote him as a brand in the same vein as David Beckham or Michael Jordan. It is hoped that it will increase his appeal to companies and sponsors.

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