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Phila. to host auction of Lehman Bros. art

More than 200 pieces from the art collection of failed banking giant Lehman Brothers are going on the auction block in Philadelphia.

Roy Lichtenstein’s color screenprint "I Love Liberty" is a highlight of the Lehman Brothers art collection that Freeman’s will be selling at three sessions at its gallery here. It is expected to bring $15,000 to $25,000 at the first session, this Sunday.
Roy Lichtenstein’s color screenprint "I Love Liberty" is a highlight of the Lehman Brothers art collection that Freeman’s will be selling at three sessions at its gallery here. It is expected to bring $15,000 to $25,000 at the first session, this Sunday.Read more
    by By Joann Loviglio, ASSOCIATED PRESS
    Published 

More than 200 pieces from the art collection of failed banking giant Lehman Brothers are going on the auction block in Philadelphia.

Modern and contemporary art that once lined the corridors and board rooms of Lehman Brothers offices in New York, Boston and Wilmington will go up for bid Sunday at Freeman's auction house on Chestnut Street, starting at noon.

Freeman's vice president Anne Henry says the collection is valued at $500,000 to $750,000. There is no reserve on most of the art, except for about a dozen pieces estimated at $10,000 or more.

Lehman collapsed in September 2008 under $600 billion in debt as part of the worst U.S. financial crisis since the Great Depression.

According to Freeman's Web site, the pieces can be viewed today from 10 a.m. to 6 p.m., and tomorrow from noon to 5 p.m.

The second part of the Lehman's auction is scheduled for Feb. 12 at 11 a.m.