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Lehman Brothers turn a profit, on their art

logoAt an auction yesterday 238 modern works of art that were previously owned by Lehman Brothers before they were forced to file bankruptcy sold for twice as much as expected raising £815,000 in revenues.

The auction was held at the Freeman auction house.

A few of the high priced art items that sold for more than expected include a 1845 painting by Georges Schreiber that features a sun setting over top of the Brooklyn Bridge which sold for US$20,000 beating expectations five fold.

Also selling for a vast amount over the expected price was a screen-print by Roy Lichtenstain of the Statue of Liberty and the Franklin 100 print by Tony King which sold for twice as much as expected and ten times as much as expected respectively.

The last purchase Lehman’s made before bankruptcy, a picture of a ransacked office by Chester Arnold, ironically also sold for much more than expected at $4,500.

About 400 people showed up at the auction to bid with many more bidding online or over the telephone. Art collectors and former employees of Lehman composed most of the audience.

Those who are interested in getting more pieces from the former banking giant can attend the next Freeman auction for the rest of the collection scheduled to occur on December

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