Art News Galore

Lehman Brothers art set to go under the hammer

Filed under: Art Sales — Alan @ 3:45 am

Almost 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 29^th 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.

Lehman Brothers turn a profit, on their art

Filed under: Art Sales — Alan @ 7:29 am

At 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