Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan? (part 2)

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan?

Read more

MEDIAWATCH

Israeli strikes on Gaza as seen on social media

Read more

INSIDE THE AMERICAS

World Cup humiliation for host nation

Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Israel steps up airstrikes as diplomacy gets under way

    Read more

  • 100 years on, the Tour de France returns to the Western Front

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • Froome crashes out of Tour de France

    Read more

  • South Sudan independence heroes ‘have lost their way’

    Read more

  • Dozens of blindfolded bodies found south of Baghdad

    Read more

  • Both candidates say they won Indonesian presidential election

    Read more

  • Exiled Syrian opposition elects new president

    Read more

Business

Lehman's sale fetches 12 million dollars at auction

©

Text by News Wires

Latest update : 2010-09-26

Two years after the collapse of Lehman Brothers prompted the US economic recession, the investment bank fetched over 12 million dollars on Saturday toward paying off its creditors after auctioning off numerous art works at Sotheby's.

AFP - Fine art once owned by Lehman Brothers, the investment bank whose collapse kick-started the US economic recession, fetched over 12 million dollars Saturday at a Sotheby's auction.

The proceeds will go toward repaying the more than 600 billion dollars owed to creditors of Lehman Brothers, which declared bankruptcy in 2008, helping to trigger collapse across global financial markets.

Some 83 percent of the 142 lots were sold for a total of 12.28 million dollars, exceeding estimates.

The sale set 17 records for artists, including Ethiopian Julie Mehretu, whose iconic painting "Untitled 1" sold for 1,022,500 dollars, a new record for the artist and well over the high estimate of 600,000-800,000 dollars.

Mark Grotjahn's "Untitled" fetched 782,500 dollars and three works by Gerhard Richter also sold at higher than expected prices, including "Abstraktes Bild," which fetched 506,500 dollars.

Yet a piece by Britain's Damien Hirst that had been expected to take in about a million dollars failed to sell.

The collection was acquired by Lehman Brothers in 2003 and includes works by other famous contemporary artists like Anish Kapoor, Olafur Eliasson, Richard Prince and Yoshitomo Nara.

International buyers at the auction included institutions such as the Museum Art Center Buenos Aires (MACBA) and several successful online purchasers.

"While the Lehman name certainly attracted a great deal of attention, the people who bid today participated because they knew it was good art," Sotheby's worldwide head of contemporary art Tobias Meyer said in a statement.

Much of the artwork that went under the hammer had been purchased by asset manager Neuberger Berman.

Another Sotheby's sale will be held in London on Wednesday at Christie's, featuring works by Lucian Freud and Gary Hume.
 

Date created : 2010-09-26

  • UK

    Lehman's final sale sees art collection go under the hammer

    Read more

  • USA

    Madoff's ill-gotten assets go under the hammer

    Read more

Comments

COMMENT(S)