Artworks from the collection of Lehman Brothers Holdings Inc. may raise another $16 million for its creditors as collectors and souvenir hunters snap up remains of the collapsed bank.
About 1,000 lots, including works by Damien Hirst, Lucian Freud, Andreas Gursky and Gary Hume, will be auctioned by Sotheby's in New York, Christie's International in London and Freeman's of Philadelphia in the fall. The lots also include a metal sign from outside Lehman's U.K. Canary Wharf office, valued at as much as 3,000 pounds, or $4,680.
Lehman, based in New York, was the world's fourth largest investment bank on Sept. 15, 2008, when it filed the biggest bankruptcy in U.S. history. More than $830 billion in claims have been filed against Lehman, which has said many are duplicates.
"The infamy of the name is a good provenance," William Porter, head of British and Irish art at Christie's South Kensington, said in an interview. "The attraction lies in the car-crash element."