Bankrupt Lehman Bros. to auction more art at Sotheby's
- June 06, 2010 23:26
Lehman Brothers Holdings Inc. is seeking to raise at least $10 million in an auction of its art collection this fall. A U.S. Bankruptcy Court judge must rule on whether to allow the sale which is scheduled for Sept 25. at Sotheby's. Proceeds would go the bank's creditors.
On offer will be nearly 447 modern and contemporary artworks by big-league names such as Andy Warhol, Damien Hirst, Maya Lin, Claes Oldenburg, Richard Prince, and Robert Rauschenberg.
In 2009, 238 modern and contemporary art pieces from Lehman Brothers' offices were auctioned off for $1.34 million, well above the $750,000 estimate, at Freeman's Auctioneers in Philadelphia.
The investment firm had $639 billion in assets before filing for bankruptcy in September 2008, the largest collapse in U.S. history.
