When Lehman Brothers collapsed in September 2008, many felt that the loss of the venerable banking giant and the resulting market panic could have been avoided had the federal government intervened as it had with AIG, Bear Stearns, and other major institutions. However, the fall of Lehman left behind more than its employees and a huge crevice in the financial system -- it left behind Lehman's extensive art collection. Now, the collection, which includes works by artists such as Stella and Lichtenstein, is up for sale.
Freeman's Auction House will be selling works from Lehman's hallways and boardrooms. The collection is valued at between $500,000 and $750,000. However, if you are a successful bidder, you can own something even more than a work by a great artist -- you can own a true piece of American financial history.
More background is available in this Wall Street Journal article:
More information about the auction itself is available here:www.freemansauction.com/