Freeman’s to Auction Remainder Of Lehman Brothers Art Collection

On February 12th, Freeman’s Auctioneers will offer for sale at auction 374 lots of contemporary artworks of the former global financial services firm, Lehman Brothers Holdings Inc. (LBHI). The artworks are from the offices of the former global financial services firm and the sale represents the remainder of the Lehman property to be sold by the Philadelphia auctioneer. As with the other Lehman material sold by Freeman’s, all of the artwork was acquired by Lehman Brothers from respected galleries and nearly all of it remains, as when displayed in the consignor’s offices in New York, Boston and Delaware, in excellent condition, professionally framed and matted – often to museum specification.

Perle FineThis follows the successful sales of paintings and works on paper on November 1, 2009 in the ‘Modern & Contemporary Art’ auction, and a group of more traditional pictures selling at Freeman’s December 6th ‘Fine American & European Paintings & Sculpture’ auction. The auctions generated sales of $1.6 million, with most hammer prices exceeding estimates.

“We are delighted with the results that Freeman’s have generated in the last two auctions of Lehman’s art,” said Mr Bill Gordon, a managing director at Alvarez & Marsal Holdings, LLC, the professional services firm overseeing LBHI’s restructuring. “We look forward to these historic works also finding their way to new owners, while at the same time delivering value back to the creditors of the Estate.”

“The response to the first two sales with Lehman artwork was outstanding, and we expect an equally good showing in the forthcoming February auction,” said Aimee Dolby, specialist in charge for paintings in this sale.

“The auction features modestly priced works, thereby providing buying opportunities to both the seasoned collector wishing to supplement an established collection, as well as first-time purchasers hoping to furnish a home or office,” she continued.

Unlike the previous two Lehman sales, this auction includes over 60 lithographs and engravings, most antique, depicting nautical, sporting, and landscape themes, in conjunction with a select group of Audubon ornithological prints. As a real inducement to bidders, the present auction is an unreserved sale, so that all lots will sell to the highest bidder, regardless of price.

“There is something in this sale for nearly every taste and budget, so this is a terrific buying opportunity,” noted Libia Mendez, specialist in charge of contemporary prints in this sale. “While many of the artists whose works are included in this auction were also represented in the November ‘Modern’ sale, a number of the artists – including Karel Appel, Richard Anuszkiewicz, Pat Steir, Steven Sorman and iconic photographer Eadweard Muybridge are new additions,” she added.

Since 1805, Samuel T. Freeman & Co has upheld an exemplary role as Philadelphia’s leading Appraisers and Auctioneers. Freeman’s has a unique history, preserving its family business and traditions for over 200 years, and is changing with the times to maintain its position in today’s thriving art market.

Located on Chestnut Street in the heart of the 5th largest city in America, Freeman’s offers over 30 in-house auctions a year.

Image: Perle Fine, New City, Signed and dated ‘Perle Fine ’41’ bottom left, gouache on paper, 22 x 28 in. (55.9 x 71.1cm). Provenance: Ingber Gallery, New York, New York. Lehman Brothers. Estimate $2,500-4,000