Lehman Brothers art to be auctioned by Christies

12 August 2010

Pieces of art which previously decorated the European and UK offices of failed bank Lehman Brothers are to be auctioned.

According to Christies, works of art by Lucian Freud and Gary Hume will be among the pieces for sale at the auction, which is to take place in South Kensington on September 29th.

Lehman Brothers Limited (LBL) and Lehman Brothers International (Europe) (LBIE), partners with PricewaterhouseCoopers (PwC), are managing the administration of the financial institution.

The sale is part of a bid to release capital invested in the assets of the failed bank.

Barry Gilbertson, partner at PwC, responsible for releasing value from the real estate and other fixed assets, said: “The brothers Lehman collected artwork which adorned their offices since the 19th century. Over the subsequent years, of course, as the business expanded and the leadership changed, so did their corporate taste in art.

He added that the auditing firm is “excited” to be working with Christies on the sale before adding that the date of the auction was set to coincide with the second anniversary of the bank’s failure.

The administrators were appointed to wind down LBL and LBIE on September 15th 2008.

By Jim Ottewill

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