November 1, 2009 in Business

Lehman art goes on block

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PHILADELPHIA – More than 200 pieces from the art collection of failed banking giant Lehman Brothers are 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, Del., were up for bid today at Freeman’s auction house.

Freeman’s vice president Anne Henry says the collection is valued at $500,000 to $750,000. About a dozen pieces are estimated at $10,000 or more.

Lehman collapsed in September 2008 as part of the worst U.S. financial crisis since the Great Depression.

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