Lehmans art sale achieves £1.3m
Lehmans sale at Christie's goes better than planned
Atomists: Jump over, 1996, by Gabriel Orozco (b. 1962) realized the highest price of the sale selling for £99,560 (CHRISTIE’S IMAGES LTD. 2010)
The auction of Lehmans’ art at
Christie’s
raised around £1.3m.
The highest value lot was a piece by Gabriel Orozco (1962) which sold for
£82,000 – above its estimate. Only two lots were unsold out of 302.
The funds raised will go back to Lehmans’ creditors.
“The prices achieved in today’s auction demonstrate just how much interest
there is in anything related to the collapse of Lehman Brothers two years ago.
The chance to own a piece of history does not come up very often,” said Barry
Gilbertson, partner at PwC responsible for releasing value from the assets.
“The administrators were confident that, by holding their nerve for two years
and waiting for the art markets to recover, they would be able to realise the
optimum return for the creditors.”
Further reading:
PwC’s
Lehman Brothers auction tops £600,000
Lehmans
executives should have questioned accounting strategy
SEC looking at Lehman
accounting for real estate