Lehman Brothers is hoping some of the art formerly on its walls will help alleviate its financial difficulties as it looks to clear up some $250 billion in debt.
But compared with the amount of money Lehman owes its creditors, the art up for auction on Nov. 1 is rather inexpensive. The highest-estimated artwork is Roy Lichtensteins I Love Liberty, expected to fetch about $25,000, but many pieces are priced around $300 to $500. Barclays, which purchased the company at the time of its bankruptcy — the biggest in U.S. history — last September, was given the opportunity to purchase the art but declined. The 283-lot sale includes pieces by artists like Alex Katz, Louise Bourgeois, and Wayne Thiebaud, which are expected to go for only a few thousand dollars.
Overall, Lehman estimates the sale will bring in $760,800. And, to lure bidders, works priced at less than $10,000 are being sold without reserve, meaning there is no minimum bid.
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