ACTRESS Denise Welch’s husband sealed a £3million deal for six paintings with a US buyer after the pound plunged against the dollar.
British artist Lincoln Townley, 49, benefitted from sterling’s collapse last week after the New York-based punter agreed to buy the artworks – part of his ‘energy’ collection depicting greedy bankers – at a favourable exchange rate.
It came after months of wrangling over the £3m price which started in July when the pound was stronger – and would have cost the hedge fund manager around $3.5m.
But it went through last Monday – as the pound tumbled to a historic low of $1.03 after markets were spooked by the UK government's mini-budget – meaning the buyer had to pay just over $3m.
The New Yorker bought a collection of 1.8sqm artworks, showing bankers using their cash as energy.
He agreed the deal amid money market turmoil that saw the pound drop to its lowest level on record, which was sparked by Chancellor Kwasi Kwarteng’s tax-cutting and borrowing budget.
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The weak pound has seen demand for UK exports soar – as they are now cheaper to buy with stronger foreign currency.
And a source said: “At least someone has had a good week financially after the mini-budget – and good on Lincoln for doing well out of the deal.”
The Energy collection of six paintings will still be exhibited at next month’s StART event at the Saatchi gallery from October 12 to 16.
The art will then be shipped to the American buyer.
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Lincoln, one of the world’s leading figurative artists, said: “My team started the negotiations for the Energy Collection during the summer when the pound was stronger against the dollar.
“The devaluation of the pound meant that in this case the buyer saved around half a million dollars on the same deal.
“I can see huge demand for British artists’ work and UK exports in general from overseas buyers following what has happened.”
Ex-PR man Lincoln, who wed Loose Women star Denise, 64, in 2013, only started painting full-time nine years ago and is a self-taught artist.
But he exploded onto the art scene and has become world-renowned for his ability to capture the dark side of subjects.
He has painted icons including Charlie Sheen, Al Pacino, Sir Michael Caine and is now represented by Sotheby’s.
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Denise paid tribute to ex-alcoholic Lincoln online last year, saying: "We were lost souls but together we found the strength to get sober and move forward together.
"At 40, Lincoln started to paint professionally. At 48, he's selling through Sotheby's private sale."
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