Lehman president's antique furniture to auction at Sotheby's

On October 24 in New York, Sotheby's will hold an auction devoted to the fine English furniture collection of former Lehman Brothers president Joseph Gregory.

Joseph Gregory furniture auction
The Gregory's dining room, featuring a George III mahogany bookcase and Regency table

The auction, which also includes European porcelain and decorative arts, follows the sale of Gregory's Long Island mansion in June, which made $17.5m.

Gregory left Lehman Brothers in June 2008, after the firm had projected its second-quarter losses. The banking company filed for bankruptcy in September 2008 with a debt of more than $600bn - the largest in history - which was one of the events that precipitated the global financial crisis.

The collection, established with his wife Niki, includes two commodes made in the 1700s, one of which is valued at $120,000, while the other is estimated to bring $400,000.

Also included is a wonderful still life painting by Bartholomeus Assteyn (1607-1669), a Dutch artist and member of Dordrecht's Saint Lukas painter gild.

"After many wonderful years designing, decorating and collecting for the house, the Gregorys are moving to a new chapter of their lives, with new projects and a focus on their own charitable organization," said Sotheby's.

Also included are a fine pair of George III pier tables. All of the items in the sale will be on display at Sotheby's galleries from October 18.

On September 17, Christie's sold a polished metal sign from the Lehman Brothers London office for £9,375 ($14,944).

Paul Fraser Collectibles has some exquisite examples of fine English furniture for sale, including pieces from Holland & Sons, Gillows of Lancaster and John Linnell.

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