Lehman Bros art under the hammer
Art that once hung on the walls of collapsed investment bank Lehman Brothers is to be sold next month.
Works by Lucien Freud and Gary Hume are in the company’s European collection, which is to be sold for an estimated £2m by Christie’s in London.
That will follow a similar sale of art from the firm’s US headquarters, which is expected to fetch $10m (£6.3m).
Pieces by Damien Hirst, Gerhard Richter and Felix Gonzalez-Torres will go under the hammer in New York on 25 September.
The proceeds will go towards repaying the creditors of the investment bank, which was the biggest bankruptcy in US corporate history when it collapsed in September 2008.
A company sign from its offices in Canary Wharf, London, will be among the objects sold at the London auction on 29 September, as will Lehman Brothers cigar boxes and tea caddies.
With an estimated value of up to £150,000, an image of a New York stock exchange by photographer Andreas Gursky will be sold separately in October.
a quick blog from hk airport. about to board a flight to koh samui and then onto koh panyang for the full moon party. had a pretty hectic 2 nights in hk already, caught up with some good friends and family and had the best holiday start when i found out i won a scholarship award from Christie’s … celebratory shopping and drinking ensued.
Christie’s International offered 38 lots at its Asian auction in Hong Kong, and 34 of them sold. Bidders battled for prime pieces, and the auction house came ahead $23.4 million. Almost a quarter of the result came from one painting, “Cats and Birds,” by deceased Chinese artist Sanyu. The piece ultimately sold for $5.4 million, setting a new record at auction for this artist.
This sale kicked off what will be a four-day auction run with 1,600 lots going under the gavel, including artwork, gems and antiques. In all, Christie’s expects to move close to $97 million by the time the final gavel strikes.
While reaching presale estimates has become a measure of success in this market, don’t forget that these targets are much lower than last year’s. In May 2008, Christie’s offered 2,400 lots over six days in Hong Kong, estimated $219 million and took in a record $310 million. Nonetheless, a stream of disappointment that stretches back to mid-September may be coming to a close.
here is a cosy summary of my life since quitting my job …
let’s start with i QUIT!!! scared, nervous, confused. took the family for a meal out that cost me 250 sterling to ‘break the news’ … it was a waste of money …
interests over money, i decided to pursue the arts over a more obviously money generating job … so, i got my MA place with Christie’s - & will finally be that cultured, elegant ro i’ve always wanted to be … (hermes handkerchiefs at the ready … ;)
taiwan! - i went back to taipei for the first time in years to see my grandparents. loved the experience, re-discovered part of my cultural heritage … the 17 hour flight for a one week trip was worth it
san francisco … fantastic 6 weeks interning at Christie’s, best of all i was engaging my brain - dusted off some sort of lobe which hadn’t been utilised in a while
learned > an amount. lived with the boyfriend - worked in an all-female office (alien to me) & enjoyed working in a different culture.
travelled, san francisco was beautiful, the ocean, vineyards, city charisma
(i ought to be sleeping … 6am here, but only 10pm in sfo)