Now, Lehman Brothers' art collection for sale
October 12, 2009
The art collection of Lehman Brothers would go under hammer next month as part of the company's bankruptcy proceedings which is into its second year.
Right from modern and contemporary paintings to prints and drawings, the art works worth about USD 1 million are for the taking at Sameul T Freeman & Co, a Philadelphia-based auctioneer.
The first set of auctions would be on November 1.
According to the auctioneer's website, the collection from sale is valued at USD 1 million and also include a smaller group of American and Fine European paintings and prints from Lehman offices in New York, Boston and Delaware, among others.
The art collection running into more than 600 in numbers features works by well known artists like Bernar Venet, Willie Cole, Louis Lozowick, Roy Lichtenstein and Louis Bourgeouis.
Lehman Brothers filed for bankruptcy protection in September 2008, sending the global financial system into a tizzy and the move is considered as a watershed moment in the ongoing economic turmoil.
The proceedings are being overseen by the US Bankruptcy Court in the Southern District of New York.