Art Auction Draws Attention From Investors of All Types

November 4th, 2009

A batch of prestigious works of art that once hung proudly in the corporate headquarters of Lehman Brothers find new homes at auction in Philadelphia.

  • The works were sold for a total of $1.35 million in order to help repay Lehman creditors.
  • The sale lasted six hours and most pieces sold for significantly more than their presale high estimates.
  • The Lehman name attracted art collectors and investors that were looking for a piece of history.

Facts & Figures

  • 283 pieces were sold at more than double their projected total of $760, 800
  • Lehman owes $250 billion to its creditors
  • The top lot was Roy Lichtenstein’s Statue of Liberty print (1982) for $49,000, estimated presale at $25,000

Best Quote

“I think there was a certain amount of trophy hunting. What’s not to like? It’s nice boardroom art, presented nicely, ready to go up on the walls. People laced it up.” – Alasdair Nichol, Vice Chairman and Auctioneer of Freeman’s Auctioneers in Philadelphia

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