Thursday, September 3, 2009

Lehman brothers collection to go on the block

Lehman Brothers, the global financial firm, will be auctioning off much of their corporate art collection on November 1. 650 lots will go on the block at Freeman's, and is said to be worth $1 million.

A Louis Lozowick lithograph depicting a crew repairing the Brooklyn Bridge os expected to fetch $7,000 to $10,000.

"It's a very contemporary collection," Freeman's marketing director Tom McCabe said this week. So far, Freeman's is the only auction house to have gotten part of the Lehman action, he said.

Freeman's got the consignment because of its reputation in the field of corporate artwork.

"Freeman's was able to offer Lehman Brothers an exceptional place to sell and market the first part of their art collection," Paul Roberts, president of Freeman's Auctioneers, said in the release. "Over the last 10 years, we have made selling corporate collections one of our specialties."

Freeman's is still accepting consignments for the sale, scheduled to begin at 1 p.m. Nov. 1. So far, the top item is a 1959 limited-edition Picasso linocut, Femme Accoudee, which has a presale estimate of $50,000 to $80,000, according to a flier for the sale.

- David Iams for the Philadelphia Inquirer