Christie’s to Auction Lehman Brothers’ European Assets

In the midst of the economic conflagration of 2008, financial-services giant Lehman Brothers filed the largest bankruptcy in United States history. However, as is often the case, one’s loss can be another’s gain. On September 29, nearly two years after PricewaterhouseCoopers took administration of the European arm of Lehman to facilitate its liquidation and the payment of its creditors, Christie’s will host “Lehman Brothers: Artwork and Ephemera,” an auction of more than 300 lots culled from Lehman’s European holdings.

Items up for bid run the gamut from fine art, photography, and sculptures to sundry mementos from the Lehman offices, including Chinese porcelain, tea caddies, and even the sign that once adorned the company’s European headquarters. Among the auction’s highlights are the oil painting Madonna by contemporary British artist Gary Hume, expected to fetch between $109,000 and $150,000, as well as a number of 18th- and19th-century maritime paintings, some of which are estimated to bring in more than $38,000.

PricewaterhouseCoopers expects the auction in London’s South Kensington district to generate an excess of $3 million. No stranger to this sort of corporate fire sale, PricewaterhouseCoopers arranged a similar auction in 2002 to liquidate the European assets of corporate pariah Enron. (www.christies.com)

Read Next Article >>
Sotheby's
Standout items include a set of Wang Qi panel paintings expected to fetch as much as $700,000...
Illustration by Bruce Morser
Santiago Barberi Gonzalez travels the world in search of compelling art and design...
The show will showcase works from Peter Paul Rubens, Gortzius Geldorp, and more…
Photo by Michiel Elsevier Stokmans
The top lot could fetch as much as $450,000…
Bloomsbury Auctions
With a drumbeat of 50th anniversaries, Beatlemania breaks loose all over again...
timothy c. fabrizio and george f. paul
After more than a century, gramophones, phonographs, and cylinder players are prized as...
The show will exhibit exceptional offerings from 72 dealers and galleries…
The luxury book publisher Assouline ended its 20th year on a high note...
Mathieu Heurtault
Auction Previews and Noteworthy Sales...