The Port of Cork’s donation of its collection of art and historical pieces to the Crawford Art Gallery in Cork last year was estimated at almost €900,000.
Figures released by Revenue show tax authorities valued the donation of maritime artwork and other company artefacts at €891,000.
The Port of Cork Company has been able to benefit from tax relief under the Taxes Consolidation Act 1997 for parties who donate assets.
The legislation provides that the semi-state commercial company obtains a tax credit.
As well as 17 Cork Harbor paintings, the collection also included a Cork Harbor Commissioners Ship Register, which recorded the Titanic’s visit to Cork in 1912 on her fateful maiden voyage.
Port of Cork made the donation at a time when the building that historically housed the collection on Custom House Quay was slated for major development, including the construction of a 34-storey tower that will include a 240-bedroom five-star hotel. .
The majority of the paintings in the collection date from the 19th century Cobh-born marine painter George Mounsey Wheatley Atkinson, whose iconic paddle steamer entering Cork Harbor is already part of Crawford’s collection.
The Cork Harbor Collection also contains extremely rare and historic artifacts, including a silver oar from the Admiralty Yard of Cork Harbor dating from 1686.
The Crawford Art Gallery also received state funding of €400,000 in 2020 which it used to acquire works by contemporary Irish artists.
The gallery announced last year that it had acquired 225 works by 39 artists ranging from paintings, photographs, prints and drawings to sculptures, installations, digital films and sound works, textiles and embroidery.
Last July, the government confirmed a €29 million investment in the redevelopment of the 200-year-old gallery on Emmet Place in Cork.
The gallery, which attracts over 260,000 visitors a year, has a collection of over 3,000 works.