Artwork from Lehman Brothers’ to be auctioned by Christie’s

 @ibtimes on September 23 2010 10:33 AM

REUTERS/Andrew
                                                                              REUTERS/Andrew Winning

On September 29, auction house Christie's will auction of some of the finest paintings culled from the bankrupt financial advisors Lehman Brothers' buildings in Europe. This auction is being held to facilitate the property's liquidation so that the creditors could be paid. Titled Lehman Brothers: Artwork and Ephemera, the auction will have 300 lots from just the European properties. The auction will be held in London's South Kensington district.

Some of the items include fine art, photography, and sculptures as well as Chinese porcelain and tea caddies. Interestingly the auction will also showcase a sign that had adorned the company's European headquarters. Some exclusive items include an oil painting Madonna by contemporary British artist Gary Hume. This painting is expected to fetch between $109,000 and $150,000. Other paintings include a number 18th and 19th century maritime paintings. Some of these are expected to bring in about $38,000.

From the overall auction PricewaterhouseCoopers which owns the assets expects to generate an excess of $3 million.

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