Monday, November 2, 2009

Lehman Bro's Art is Going, Going, Sold!

It feels like it was yesterday in September 2008 when the hard crash that put us in a recession occured. Lehman Brother's was just one of the many financial institutes that did not escape the realms of bankruptcy. Still today, they owe their creditors about $250 billion, ouch. So how to raise some cash quickly? Auction off your office artwork. A sale at Freeman's Auction House yesterday raised over $1.35 million from the sales of 283 modern artworks. Every piece up for sale had an owner by the end of the day. $1.35 million was quite impressive as it doubled the original estimate for this part of the collection ($760,800).

All of these artworks used to line the office hallways of Lehman Bros. in New York, Delaware and Boston. Around 2,000 collectors, former Lehman staff and art novices keen to pick up a bit of banking history had signed up to bid at the auction. An estimated 400 people bid in person with the rest taking part over the telephone or online.

Lehman Bro.'s will unload another collection of 650 pieces on December 6 at Freeman's once again. This money raised will also go towards repayment to Lehman creditors. A third auction is scheduled in February 2010.

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