Lehman Brothers to auction art for under $2k

Several hundred artworks will be auctioned from the collection of the recession-hit London financiers Lehman brothers in Philadelphia, on November 1.

The sale will include modern and contemporary works by Warhol, Alexander Calder, David Hockney, Roy Lichtenstein and others.

Estimates for the works range from $500,000-750,000, with profits going to Lehman's many creditors.

The sale will provide a rare opportunity for collectors to pick up works by iconic and legendary artists for as little as $2,000.

The works once graced the officers and corridors of Lehman Brothers' prestigious offices, before the global economic crisis forced the company into liquidation last year.

The November 1 sale will be followed by a further auction on December 6. Organised by Freeman's, it will feature 30 lots of European fine paintings from the Lehman collection.

Another 500 lots will also go under the hammer on February 12, 2010.


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