Saturday, September 25, 2010

Lehman Brothers artwork for sale

The whole saga related to the Lehman Brothers is one that's gained focus in Ohio with the gubernatorial election involving a former employee, John Kasich. So it was interesting to see CNN and several other media sources cover the auction of art work that used to adorn some of the Lehman Brother's offices.


London, England (CNN) -- Artwork that used to adorn the walls and halls of Lehman Brothers' offices in London is expected to fetch £2 million ($3.1 million) when it goes up for auction Wednesday.
Christie's auction house in London is selling the art, which includes works by Lucian Freud and Anthony Gormley, antique maps and surveys, Chinese ceramics, and even Lehman Brothers' signs.
A separate sale of Lehman Brothers' artwork from their North American offices, due to take place at Sotheby's in New York on Sunday, was estimated to bring more than $10 million, according to the auction house.
Lehman Brothers filed for bankruptcy in the United States two years ago after a nearly $4 billion loss, the failure of buyout negotiations with Bank of America and Barclays Capital, and the refusal of U.S. regulators to offer a government-backed bailout.
At the same time, Lehman in the United Kingdom went into liquidation, with administrators PricewaterhouseCoopers (PWC) appointed to sell off the assets.


The full article.

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