ARTINFO.com

Font Size Font Increase Font Decrease

Lehman Brothers Wins Right to Sell Art “for the Benefit of” Creditors

Published: December 5, 2008
NEW YORK—A U.S. bankruptcy court in New York has granted the bankrupt investment bank Lehman Brothers the right to pay for the release of $8 million worth of art that once decorated its office walls, the Guardian reports. The art will then be sold, with the proceeds being used “for the benefit of” creditors.

Following a short hearing, Judge James M. Peck approved a $20,000 payment to art dealers, who will now release the art from warehouses and display it to potential buyers.

Lehman Brothers filed for the largest bankruptcy in U.S. history in September, with liabilities of $613 billion. In November, former CEO Richard Fuld Jr. earned $20 million for works sold from his private collection at Christie’s postwar and contemporary art sale.

advertisements