This year was a remarkable one for records being made by Irish art at auction. Almost every major - and deceased - Irish painter from this century saw a better price being paid for his or her work than previously.

Several explanations may be given for this phenomenon. The most commonly proffered is that Irish art has, at last, found an appreciative audience. There is certainly an element of truth to this belief; after all, it is only since the mid-1990s that the two principal London auction houses of Sotheby's and Christie's have been hosting sales devoted exclusively to art from Ireland. Even more importantly, many of the records were set in London and not in Dublin, although an impressive number were made in the latter city during the past 12 months. Also of consequence is the fact that estimates regularly appeared to bear little or no connection with the eventual price achieved. Just 10 days ago, for example, at the James Adam salerooms, a Harry Kernoff painting called Dublin Cab, which had been expected to fetch £20,000-£30,000, sold for £50,000.

At Sotheby's in May, James Humbert Craig's Children on the Beach, with a presale estimate of £8,000-£12,000, was bought for £25,300. Similar examples abounded throughout the year, which could lead observers to conclude that the market for Irish art had undergone so radical an improvement that all previous prices should be disregarded. It would, however, be unwise to believe that all Irish pictures can now find a buyer, or that prices can only continue to rise. Investing in art is always a risky venture and especially in a specialist market such as exists in Ireland. Every season, some lots fail to be sold, even when they are painted by the most stellar names; not every work by Jack B. Yeats offered at auction is necessarily bought.

And when high prices are paid these reflect not just the quality of the work in question but equally the healthy state of the Irish economy. If paintings sell well at the moment, this is in large measure because there are now more bidders willing to pay greater amounts than ever before. The past year has been exceptionally good for Irish art. Whether this state of affairs continues into the new century will depend, to a considerable degree, on whether new collectors continue to enter the market with as much enthusiasm - and money - as they have during recent seasons.