Coastal Landscape with Galway Hookers, which is estimated to be worth €150,000, is one of two Henry paintings Costello left to his children. He died in 1976, aged 85.
Dubliner Costello was also a barrister, attorney general and Fine Gael TD. He was taoiseach twice, from 1948 to 1951 and 1954 to 1957.
James O’Halloran, director of Adam’s auction house in Dublin, said they sold one of the paintings “almost a decade ago and now we have been consigned the second”. The previous painting was sold for €115,000.
Mr O’Halloran said it “is thought by his family that John A purchased the two paintings directly from the artist as there is no record of them being in any exhibition. The painting is unusual as it has two Irish traditional sailing boats, known as hookers, in it”. It has remained in the family since.
Costello’s son Declan was also attorney general, and president of the High Court. He died in 2011 at the age of 84.
Other works of interest in the upcoming auction is an oil painting by Jack B Yeats, dated to 1912 and entitled In a Dublin Waxworks, with an estimate of €70,000.
Previously belonging to Guinness heir Garech Browne, it hung for many years in Luggala Estate in Co Wicklow.
Late taoiseach John A Costello is believed to have bought the painting directly from Henry
Yeats visited the old Dublin Waxworks in Henry Street in 1905 and made a sketch that he used as the basis for the work. It has a historical significance as a glimpse of a lost Dublin institution, which burnt down two years after the painting was completed.
Sculpture is prominent in the sale, with works in bronze by Melanie Le Brocquy, John Behan, Imogen Stuart and Rowan Gillespie.
Adam’s pre-Christmas sale of Important Irish Art will take place on November 26 in their St Stephen’s Green rooms at 6pm, and includes about 150 lots.
Last week, deVeres auction house on Kildare Street in Dublin saw demand for Eileen Gray-designed items soar.
Her famous Transat chair was sold for €10,500. It had an estimate of between €4,000 and €6,000.
A blue leather bar stool designed by the renowned architect sold for €4,200; it had an estimate of €1,200.
A Jumo lamp designed by Gray was valued at between €600 and €900 but went for €2,800.
A set of six rosewood dining chairs by Danish designer Neils Moller made €10,500 – more than three times the asking price.
A Svend Ge Madsen-designed Rosewood desk went for €7,000, more than double its estimate of between €2,000 and €3,000.
Elsewhere, Adams Blackrock has an exclusive one-off jewellery auction featuring more than 750 pieces consigned by a long-established Irish jeweller that is closing its doors.
Elena McCrory, senior associate with Adams Blackrock, said there has been an increase of “younger people interested in vintage jewellery due to sustainability and price. The price of gold has increased substantially, so nine-carat gold pieces garner a lot of interest”.
The selection showcases a wide range of contemporary gold jewellery set with precious gemstones. The auction will take place online on Thursday.