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Lehman Brothers art set to go under the hammer

lehAlmost two years ago Lehman Brothers were the largest victim of the financial fallout when the titan collapsed and fell off Wall Street.  Although time has passed, administrators are still sorting through the mess as they are working to start auctioning off the art collection from the company in an effort to pay some of its creditors back.

Christie’s will hold the auction as denoted by PricewaterhouseCoopers and sell off a large amount of precious porcelain, paintings, and sketches that used to adorn its old Canary Wharf headquarters.

Even more as part of an attempt to get as much money as possible out of the auction old cigar boxes, tea caddies, and books from the headquarters will also be listed on the auction.

Those who want a more obvious piece of the company can bid on the building’s front sign predicted to go for anywhere from £2,000 to £3,000.

Back before the credit crisis, Lehman would entertain its top guests and clients by treating to the gallery of the London hallways and then offering them a gourmet lunch.

The auction for the Lehman goods is scheduled for September 29th with 300 lots on the rooster.

Included in the collection will be Gary Hume’s Madonna, which is estimated to fetch anywhere from £70,000 to £100,000 and works by the old masters as well such as Thomas Luny’s Dover Coast expected to fetch from £10,000 to £15,000.

PricewaterhouseCoopers partner Barry Gilbertson stated that there are many people spread out throughout the world that would love to have their hands on a piece of art from the Lehman connection.

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