The auction of Lehmans’ art at
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.”
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children