Following a strategic alliance signed between the two companies on August 1, HOK will recommend clients for fine art sales and valuations to Adam's centrally located auction house in St. Stephen's Green in return for a referral fee.
HOK are one of the big three estate agents in Ireland. They have no permanent designated saleroom but are well known for their on-site estate auctions. Most recently these included the €2m (£1.4m) Lissadell House sale in Co. Sligo conducted in partnership with Christie's in November 2003. However, the company have recently opened a number of residential estate agents in the Dublin area and the new agreement reflects their desire to focus upon their core business.
Adam's director Stuart Cole - who said his company had been in discussion with its local competitor for some time - told ATG he relished the opportunity to serve the HOK country house department and its current and future clients. He added that Adams, who divested themselves of their own property division around two years ago, were currently engaged in an expansion plan of which this alliance - and the recent appointment of Irish art specialist David Britton, formerly owner of Dublin dealership the Frederick Gallery - was an important part.
Adam's managing director James O'Halloran added: "This move consolidates Adam's position as the premier auction house in Ireland. HOK Fine Art's business model fits comfortably with our existing practice. By aligning our specialist knowledge and business acumen with HOK's established reputation in the property and fine art field, we anticipate further growth and development in this competitive market."
Last year James Adam & Sons posted January to December sales figures of €7.5m from a calendar including 12 catalogues sales of Irish, Modern and Fine Art.
HOK Fine Art sold more than €2m worth of art and antiques last year although sales in previous years have been swelled by major single consignments.
The fine art division of the company was believed to employ five or six full-time members of staff.
HOK leave Dublin market to Adam’s
Strengthening their position as Ireland’s largest auction house, James Adam & Sons have been assigned the fine art business of major Dublin rival and property giant Hamilton Osborne King.
