Lehman Brothers gears up for next art sale
After its $1.6m auction of artworks last year, the bankrupt financier has dusted-down its collection
On February 12, Freeman's Auctioneers will offer for sale at auction 374 lots of contemporary artworks of the former global financial services firm, Lehman Brothers Holdings Inc (LBHI).
The artworks are from the offices of the former global financial services firm, and the sale represents the remainder of the Lehman property to be sold by Freeman's, the Philadelphia auctioneer.
This auction follows the successful sales of paintings and works on paper on November 1, 2009, in the Freeman's Modern & Contemporary Art auction, and a group of more traditional pictures selling at its December 6 Fine American & European Paintings & Sculpture auction.
The auctions generated sales of $1.6m, with most hammer prices exceeding estimates - an antidote to the negative news surrounding Lehman at the time.
"We are delighted with the results that Freeman's have generated in the last two auctions of Lehman's art," said Mr Bill Gordon, a managing director at Alvarez & Marsal Holdings, LLC, the professional services firm overseeing Lehman's restructuring.
"We look forward to these historic works also finding their way to new owners, while at the same time delivering value back to the creditors of the Estate."
"The response to the first two sales with Lehman artwork was outstanding, and we expect an equally good showing in the forthcoming February auction," said Aimee Dolby, specialist in charge for paintings in this sale.
"The auction features modestly priced works, thereby providing buying opportunities to both the seasoned collector wishing to supplement an established collection, as well as first-time purchasers buying to furnish a home or office."
Unlike the previous two Lehman sales, this auction includes over 60 lithographs and engravings, most antique, depicting nautical, sporting, and landscape themes, in conjunction with a select group of Audubon ornithological prints.
Although the sale doesn't boast any masterpieces by Monet or Warhol, its highlights will include a series of Nathaniel Currier lithographs, a selection of Japanese prints and works by Perle Fine, Eadweard Muybridge and Herb Jackson.
As a real inducement to collectors, the present auction is an unreserved sale so that all lots will sell to the highest bidder, regardless of price.
All of the artwork was acquired by Lehman Brothers from respected galleries. Nearly all of it remains, as when displayed in the consignor's offices in New York, Boston and Delaware, in excellent condition.
Many of the works have been professionally framed and matted, often to museum specification.
Since this article was written, the sale was postponed until February 19.
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