Ahead of the highly anticipated Rory Gallagher Collection auction in London this Thursday, October 17, the Tánaiste Micheál Martin has suggested that the Irish icon's legendary 1961 Fender Stratocaster could be purchased by one of the national cultural institutions.

The Strat – which is one of many instruments up for sale as part of the collection – is estimated to fetch between £700,000 and £1,000,00 in Bonhams' auction.

Back in July, the Tánaiste, in conversation with The Irish Times, said that he would "talk to [Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media] Catherine Martin and see what’s possible, but it would be lovely if we could get that guitar back on Leeside.”

The Department of Tourism, Culture, Arts Gaeltacht, Sport and Media has confirmed to Hot Press that any decision on the purchase of historic objects, artefacts or papers is taken by the individual national institutions, rather than by the Minister or the Department. Potential purchasers might include the Irish Museum of Modern Art, the National Gallery, the National Museum, the National Library, or the National Concert Hall.

Speaking to The Irish Times again over the weekend, the Tánaiste revealed that he had spoken to Minister Martin, but noted that there are "processes and approaches that have to be pursued here and it’s not all done by megaphone either.

"The national cultural institutions have a role in this, and we will let them engage in the process," he added.

When asked if there were plans in place for one of the cultural institutions to bid for the guitar on Thursday, the Tánaiste teased: “I wouldn’t overstate anything, but you are a good man to deduce things at times...”

Rory Gallagher's 1961 Fender Stratocaster. Credit: Bonhams

There has been speculation too that Cork City Council might make a bid to keep the Strat – described by Bonhams as "one of the most instantly recognisable guitars in the world" – in Cork, though the current potential locations to house it in any official context seem thin on the ground.

However, there can be no doubt about the widespread interest in the guitar collection that has been shown by collectors across the world, suggesting that there is no guarantee at all that the famous Strat, and the other instruments in the collection, will find a home in Ireland.

“There is a huge interest in iconic instruments,” one source told Hot Press. “I think the price for the Strat is going to be really high – but the other instruments are of real interest to collectors too – so it will be fascinating to see what happens on the day."

Renowned American blues guitarist Joe Bonamassa – who's set to star in next year's major celebration of Rory Gallagher, with two shows at Live at the Marquee in Cork – told RTÉ last month that he doesn't "believe the guitar should ever leave Ireland."

"I believe it is a national treasure that should stay here," he continued. "It doesn't belong in Los Angeles, California with me. It doesn't belong anywhere in the world but here in Ireland. It is a national treasure."

The Rory Gallagher Collection auction kicks off at 3pm on Thursday, October 17 at Bonhams on New Bond Street, London. You can find more information here.