Lehman art auction fetches $2.6 million

Artwork from doomed investment bank Lehman Brothers raised $A2.61 million at an auction in London on Wednesday.

lehman_bros_art_auction_100930_B_getty_1697635374

(Getty)

Artwork from doomed investment bank Lehman Brothers raised STG1.6 million ($A2.61 million) at an auction in London on Wednesday - a tiny fraction of the US$613 billion in debts held by the company when it collapsed.

Christie's said a three-metre-long sign that adorned the bank's European headquarters sold for STG42,050 ($A68,490), while a plaque commemorating the opening of the office by ex-Prime Minister Gordon Brown was bought for STG28,750 ($A46,827).

"The chance to own a piece of history does not come up very often," said Barry Gilbertson, a partner at administrators PricewaterhouseCoopers.

Other items sold included furniture, and artworks - including "Madonna," a portrait of the singer by British artist Gary Hume, which fetched 73,250 pounds ($A115,735).

Lehman Brothers collapsed in September 2008. It was the largest bankruptcy filing in US history and helped cause one of the worst financial crises since the Great Depression.

Gilbertson said administrators had held off selling the items until now to wait for a revival in the global art market.

The items are among millions of dollars' worth of items being sold to help pay Lehman's creditors.



Share
2 min read

Published

Updated

Source: AAP

Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world