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Precious Art Works under the Hammer

September 13,2010 by: admin

On September 29 Lehman Brothers’ precious art collections are to be auctioned in South Kensington. The Price Water House Coopers (PWC) assigned Christie’s to hold the said auction of precious porcelain, sketches and paintings that are housed at Canary Wharf where the Lehman Brothers’ European headquarter is located.

As we can remember, the Lehman Brothers has received the hardest blow from the financial crisis rippled by the fall of the Wall Street titan. Being the biggest victim of the said economic turmoil the administration of Lehman Brothers are now resorting to auction of the company’s most famous art collections to repay its creditors.

The auction to be held in South Kensington will start in the afternoon. Important guests will have a special tour around the company’s London offices to have a glimpse at the Lehman Brothers art collection.

Around 300 items are to be auctioned from expensive artworks to even tea caddies, books, cigar boxes and the sign board that once hung outside the building of the Lehman Brothers’ European headquarters.

This art sale will showcase John Currin’s Shakespeare Actress which is projected to cost $ 500,000 to $ 700,000. Also it will include Madonna by the modern British artist Gary Hume which is expected to fetch £ 70,000 and £ 100,000. Expected to be sold up to £ 12,000 is the Lucian Freud’s Head of Bruce Bernard while the New York Mercantile Exchange by Andreas Gursky will be auctioned separately on October with the price estimation ranging from £ 100,000 to £ 150,000.

The auction will also include the master pieces of Liu Ye of China which is known as The Long Way Home. The art sale will also cater works of Damien Hirst, Gehrard Richter and Felix Gonzalea-Torres.

Included in this event is the expected biggest seller with the projected price range of $ 800,000 to $ 1.2 million is a Damien Hirst wall piece- We’ve Got Style.

This upcoming art sale is the second wave of Lehman collection to be sold; the first was held in Philadelphia and was able to raise $ 1.35 million. This second batch is expected to raise $ 10 million which will all be used to pay the company’s creditors. Lehman Brothers still owe most of its creditors billions of dollars thus according to Price Water House Coopers (PWC) raising funds by selling off the company’s other properties can be expected.

The precious art works to be showcased have captured the eyes of everyone who has visited the Lehman Brothers’ building before the bankruptcy thus in this art sale catering more expensive and valuable works as to compare it with the first batch auctioned, is expected to attract several interested buyers who are willing to take the bid higher to own at least one of the Lehman Brothers’ art collection.

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