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Lehman Brothers Still Selling Art to Cover Loses

Saturday 25th September 2010

While many of us look to sell art in order to make a living or because we enjoy being creative and being able to share that with others, some are forced to sell art to pay back their creditors.
 
It was big news when the Lehman Brothers bank collapsed in September 2008. It turned out to be the largest bankruptcy filing in the history of the U.S. and is seen as one of the key moments in the events leading to the world wide financial crisis that we are still struggling with. 
 
This month millions of pounds worth of items, including paintings and furniture will be sold off at Christie's London in order to help pay off Lehman's debts. 
 
Amongst the artwork to be sold this coming Wednesday include works by Robert Rauschenberg, Gary Hume and Lucian Freud. Interestingly, there will also be a work by photographer Andreas Gursky sold in a further sale next month. The image of the New York Mercantile Exchange is thought to be valued around £100,000 - 150,000, making it the most expensive artwork to be sold off for the cause.
 
Further works are to be sold at Sotheby's in New York in a serious effort to pay back the $613 billion that was owed in debt following the collapse. With the sale at Christie's looking to bring in around £2,000,000 ($3.1 million) and the sale at Sotheby's looking at $10,000,000 there's still a long way to go.
 
Figures courtesy of The Associated Press, 2010

Posted on September 25th 2010 on 02:50pm

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