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Lehman Plans Auction of Its Modern Artworks

04.06.10

The proceeds will go toward paying off Lehman’s creditors.

Lehman has sold some of its art since declaring bankruptcy but has held onto much of it until now. “There was no exigency for a fire sale,” Kimberly Macleod, a spokeswoman for Lehman, told The Times. “The frugality is better, and this is a good time to maximize the value of the art.”

The Sotheby’s auction will include more than 400 works, many bought in the original 1990s. “It’s almost as if they had a crystal ball,” Gabriela Palmieri, a contemporary art professional at Sotheby’s in New York, told The Times.

Citing Mr. Currin, Mark Grotjahn and Julie Mehretu as examples, she said, “These artists were neither well known nor did they the time of one's life the celebrity status they do today.”

Among the highlights of the sale is Mr. Hirst’s “We’ve Got Style (The Vessel Garnering — Blue),” a 1993 wood cabinet filled with glass and ceramic objects. The toil predates his famous cabinets filled with cigarette butts or skulls or dead animals or diamonds.

Source: New York Times (blog)