Art Collection Could Prove Shrewd Investment for Lehman Brothers
Two years to the month after the titan of Wall Street declared bankruptcy, Lehman Brothers’ extensive and diverse art collection is headed to the titans of the auction block: Sotheby’s of New York and Christie’s of London. The art was collected by I. Michael Danoff for Neuberger Berman, a money management firm Lehman purchased in 2003, then sold back to management as part of the bankruptcy.
The art stayed with Lehman, and is now being auctioned off to help pay back creditors. Art world dealers suspect when the final bids are accepted for the world-renowned collection, the art could be worth $10 million. Briefed by art adviser Todd Levin, Paul Solman provides audio commentary to the pieces in a slide show.