Christie's to auction bankrupt Lehman Brothers' $3m art collection
Old Master Thomas Luny and Modern Brit artist Gary Hume will be among the sale's highlights
The global financial services firm Lehman Brothers used to give important guests a tour of the rare, historic and expensive artworks lining the walls of its headquarters in Canary Wharf, London.
Fast-forward to the present day, almost two years after the company became the biggest victim of the global economic crisis, and those same artworks are set to auction at Christie's, next month.
Scheduled to take place in South Kensington, London on Wednesday September 29, it's hoped that the auction will raise £2m (over $3m) toward the more than $600bn (£376bn) owed to Lehman's creditors.
Among the sale's many highlights is a photo etching by Lucian Freud, Head of Bruce Bernard, expected to sell for £12,000 ($19,127).
Lehman Brothers' New York headquarters in Times Square, today
Meanwhile, Thomas Luny's A Frigate in 3 Positions off the Dover Coast will appear from Lehman's Old Masters collection, along with modern works including British artist Gary Hume's Madonna (estimated at £70,000-100,000, $111,573-159,390).
And collectors won't only have a chance to acquire historic and modern artworks: memorabilia among the lots includes Lehman's corporate sign from its Canary Wharf offices (£2,000-3,000, $3,188-4,782).
The sign will auction with cigar boxes, tea caddies, Chinese ceramics and other ephemera from the financier's offices, all of which is hoped to strike a chord with collectors and investors.
According to reports, this auction will be followed-up by the sale of Andreas Gursky's photograph, New York Mercantile Exchange, in October (£100,000-150,000, $159,390-239,085).
Watch this space for more news on Christie's sale.
- Learn how you can get pleasure and profit by investing in the art markets
- Click here for all the latest Art news
Join our readers in 187 countries around the world - sign up for your free weekly Collectibles Newsletter today
Recent and related articles...
· World Records set at Christie's $292m New York Art sale | 13 May 2010
'There's no question that the market is healthy,' says Christie's, after Warhol and Lichtenstein sales
· New York lifts Lehman Brothers' $600k sale | 23 February 2010
The city they named twice starred in the debt-ridden financier's third sale of coveted artworks
· Lehman Brothers gears up for next art sale | 9 February 2010
After its $1.6m auction of artworks last year, the bankrupt financier has dusted-down its collection
· Lehman Brothers art sale nets $1.34m | 3 November 2009
Works by Lichtenstein and Lozowick went a small way to clearing the fallen giant's $250bn debt
· Rare artworks auction for under $2,000 at Lehman Brothers | 12 October 2009
Warhol, Hockney and Lichtenstein feature in the first of three art sales by the bankrupt financiers
Images: David Shankbone