Lehman Brothers is about to auction off much of the art that lined the walls of its ex-world headquarters in Times Square.
Several hundred pieces from the Lehman Brothers’ collection will be put up for auction at Freeman‘s in Philadelphia on November 1. The auction showcases modern and contemporary art with works by Andy Warhol, Alexander Calder, David Hockney, Roy Lichtenstein and others. The art being sold is estimated to be in the $500,000 to $750,000 range. Money from the auction will eventually make its way to Lehman’s many creditors.
This is just the first of a couple of auctions. On December 6, Freeman’s will sell off 30 lots of European fine paintings from the Lehman collection. Next year, on February 12, another 500 lots or so lots will go up for sale.
However, this collection is not part of Dick Fuld’s personal collection, the former CEO of Lehman, and his wife, Kathy. The Fulds sold a group of 16 artworks through Christie’s last November for around $13.5 million.