With a multimillion-dollar collection of more than 3,000 artworks, what’s a bankrupt company like Lehman Brothers Holdings to do to help pay off its creditors? Call an auction house.
That's exactly what the firm’s done, planning sales this fall and winter at Freeman’s Auctioneers, a regional house in Philadelphia. The 650 lots, projected to fetch a total of $1 million, include modern and contemporary paintings, prints, and drawings; most of the European and American art is from the 1970s onwards. Items include an abstract 2007 black-and-blue collage by Venezuelan artist Arturo Herrera, estimated to sell for as much as $15,000; a surreal 1997 Louise Bourgeois print of an undulating bed with lips, estimated up to $1,500; and Roy Lichtensteins 1982 print of the Statue of Liberty, expected to bring in about $30,000. Lehman, which filed for the largest bankruptcy in U.S. history and reportedly owes as much as $250 billion, isn’t selling all of its artworks, such as those hung in its New York headquarters. Also not up for bid are the company’s best-known art holdings, 900 works owned by money manager Neuberger Berman, a firm Lehman acquired in 2003.
Read more at Bloomberg.