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News
SALE OF THE LEHMAN BROTHERS COLLECTION IN LONDON
30 September 2010
Catégorie : MARKET
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The auction of Lehman
Brothers: Artwork and Ephemera held by Christie's in their South Kensington salerooms on September 29, 2010 £1,641,613 / $2,593,749 / €1,904,271, surpassing its pre-sale estimate
of £769,600 to £1,138,900.
Offering artworks and selected items of interest which once
adorned the walls and offices of the British and European arms of the former
banking powerhouse Lehman Brothers, the auction attracted over 1,100 registered
bidders from around the world, including 330 clients who registered to bid via
the internet using Christie's LIVE – a record number of online bidders for a
European auction at Christie's.
The auction took place under the direction of the joint administrators
of Lehman Brothers Limited ('LBL') and of Lehmans Brothers International
(Europe) ('LBIE') who are partners at PwC. They were appointed on 15 September
2008 to wind down LBL and LBIE in as orderly a way as possible, and in order to
achieve the maximum value from the companies for the return to creditors.
New
York Stock Exchange Exchange, 1991, by Andreas Gursky will be offered from
the same collection at the Post-War and
Contemporary Evening Auction at Christie's, King Street, on 14 October 2010 (estimate: £100,000 to £150,000).
Christie's managers said they were
pleased to have supported PwC's aim of releasing the maximum possible value
from these assets by presenting this sale to an
international audience of collectors. The pre-sale exhibition welcomed over
5,500 people, and the auction saw over 1,100 clients register to bid, including
330 who registered to bid online using Christie's LIVE. This resulted in fierce
competition and an auction which lasted over 6 hours with the total exceeding
pre-sale expectations. They looked forward to offering one more work from this
collection – Andreas Gursky's ‘New York Stock Exchange' – at the Post-War and
Contemporary Evening Auction on 14 October at Christie's King Street
salerooms.
Barry
Gilbertson, partner at PwC responsible for releasing value from the assets,
commented: "The
prices achieved in today's auction demonstrate just how much interest there is
in anything related to the collapse of Lehman Brothers two years ago. The
chance to own a piece of history does not come up very often. The
administrators were confident that, by holding their nerve for 2 years and
waiting for the art markets to recover, they would be able to realise the
optimum return for the creditors."
Selected highlights of the auction:
- Atomists: Jump over, 1996, by Gabriel
Orozco (b. 1962) realized the highest price of the sale selling for £99,560 / $157,305
/ €115,490 against an estimate of £60,000 to £80,000.
Further picture highlights included Madonna
by Gary Hume (b.1962) which realized £73,250 / $115,735 / €84,970; and L'embarquement de La Normandie au Havre,
1889, by Théophile Poilpot (Paris 1848-1915) sold for £67,250 / $106,255 / €78,010
against an estimate of £20,000 to £30,000.
- The sign
which adorned the company's offices in Canary Wharf sold for £42,050 / $66.355
/ €48,778 against a pre-sale estimate of £2,000 to
£3,000. It was underbid by an internet client in China, and was acquired by an
anonymous telephone bidder.
-
The commemorative plaque from the company's offices in Canary Wharf from their
opening by the Rt. Hon. Gordon Brown M.P. in 2004 as he served as Chancellor of
the Exchequer reached £28,750 / $45,368 / €33,350 against an estimate of
£1,000 to £1,500.
Originally
founded in the United States in 1850 as a convenience store, Lehman Brothers
developed to become a powerhouse of global banking for over a century.
Henry Lehman emigrated in 1844 to the United States from Rimpar in Bavaria and founded
a shop selling assorted goods in Montgomery, Alabama. He was soon joined by two
more brothers, Mayer and Emanuel. Following Henry's death, the two brothers
steered the company towards the path of success, at first by focusing on the
local cotton trade. By 1858 they had an office in New York, and a decade
later it became their headquarters. In 1870, Mayer Lehman was one of the founder
members and first governors of the New York Cotton Exchange - the earliest
commodities exchange in that city, which still exists to this day. By the First
World War the company had developed into what was primarily an investment bank
and throughout the 20th and early 21st century, they grew
to become one of the largest global companies in the field of global financial
services.
Shortly after midnight in
New York on Monday 15 September 2008, Lehman Brothers Holdings announced that
it was filing for Chapter 11 bankruptcy protection - the largest bankruptcy
filing in U.S. history after incurring debts amounting to 600 billion dollars. In the United Kingdom and Europe, the investment bank
went into administration with PricewaterhouseCoopers LLP appointed as
administrators. This auction took place under the direction of the Joint
Administrators.
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|
|
The auction of Lehman
Brothers: Artwork and Ephemera held by Christie's in their South Kensington salerooms on September 29, 2010 £1,641,613 / $2,593,749 / €1,904,271, surpassing its pre-sale estimate
of £769,600 to £1,138,900.
Offering artworks and selected items of interest which once
adorned the walls and offices of the British and European arms of the former
banking powerhouse Lehman Brothers, the auction attracted over 1,100 registered
bidders from around the world, including 330 clients who registered to bid via
the internet using Christie's LIVE – a record number of online bidders for a
European auction at Christie's.
The auction took place under the direction of the joint administrators
of Lehman Brothers Limited ('LBL') and of Lehmans Brothers International
(Europe) ('LBIE') who are partners at PwC. They were appointed on 15 September
2008 to wind down LBL and LBIE in as orderly a way as possible, and in order to
achieve the maximum value from the companies for the return to creditors.
New
York Stock Exchange Exchange, 1991, by Andreas Gursky will be offered from
the same collection at the Post-War and
Contemporary Evening Auction at Christie's, King Street, on 14 October 2010 (estimate: £100,000 to £150,000).
Christie's managers said they were
pleased to have supported PwC's aim of releasing the maximum possible value
from these assets by presenting this sale to an
international audience of collectors. The pre-sale exhibition welcomed over
5,500 people, and the auction saw over 1,100 clients register to bid, including
330 who registered to bid online using Christie's LIVE. This resulted in fierce
competition and an auction which lasted over 6 hours with the total exceeding
pre-sale expectations. They looked forward to offering one more work from this
collection – Andreas Gursky's ‘New York Stock Exchange' – at the Post-War and
Contemporary Evening Auction on 14 October at Christie's King Street
salerooms.
Barry
Gilbertson, partner at PwC responsible for releasing value from the assets,
commented: "The
prices achieved in today's auction demonstrate just how much interest there is
in anything related to the collapse of Lehman Brothers two years ago. The
chance to own a piece of history does not come up very often. The
administrators were confident that, by holding their nerve for 2 years and
waiting for the art markets to recover, they would be able to realise the
optimum return for the creditors."
Selected highlights of the auction:
- Atomists: Jump over, 1996, by Gabriel
Orozco (b. 1962) realized the highest price of the sale selling for £99,560 / $157,305
/ €115,490 against an estimate of £60,000 to £80,000.
Further picture highlights included Madonna
by Gary Hume (b.1962) which realized £73,250 / $115,735 / €84,970; and L'embarquement de La Normandie au Havre,
1889, by Théophile Poilpot (Paris 1848-1915) sold for £67,250 / $106,255 / €78,010
against an estimate of £20,000 to £30,000.
- The sign
which adorned the company's offices in Canary Wharf sold for £42,050 / $66.355
/ €48,778 against a pre-sale estimate of £2,000 to
£3,000. It was underbid by an internet client in China, and was acquired by an
anonymous telephone bidder.
-
The commemorative plaque from the company's offices in Canary Wharf from their
opening by the Rt. Hon. Gordon Brown M.P. in 2004 as he served as Chancellor of
the Exchequer reached £28,750 / $45,368 / €33,350 against an estimate of
£1,000 to £1,500.
Originally
founded in the United States in 1850 as a convenience store, Lehman Brothers
developed to become a powerhouse of global banking for over a century.
Henry Lehman emigrated in 1844 to the United States from Rimpar in Bavaria and founded
a shop selling assorted goods in Montgomery, Alabama. He was soon joined by two
more brothers, Mayer and Emanuel. Following Henry's death, the two brothers
steered the company towards the path of success, at first by focusing on the
local cotton trade. By 1858 they had an office in New York, and a decade
later it became their headquarters. In 1870, Mayer Lehman was one of the founder
members and first governors of the New York Cotton Exchange - the earliest
commodities exchange in that city, which still exists to this day. By the First
World War the company had developed into what was primarily an investment bank
and throughout the 20th and early 21st century, they grew
to become one of the largest global companies in the field of global financial
services.
Shortly after midnight in
New York on Monday 15 September 2008, Lehman Brothers Holdings announced that
it was filing for Chapter 11 bankruptcy protection - the largest bankruptcy
filing in U.S. history after incurring debts amounting to 600 billion dollars. In the United Kingdom and Europe, the investment bank
went into administration with PricewaterhouseCoopers LLP appointed as
administrators. This auction took place under the direction of the Joint
Administrators.
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