Lehman Brothers raises £1.6m through art sale

1 October 2010

The sale of artwork and furnishings from the London offices of collapsed bank Lehman Brothers has raised approximately £1.6 million through an auction.

Auditing firm PricewaterHouseCoopers (PwC) organised the sale in an attempt to raise £2 million for the creditors of the failed institution.

Among the items sold was a portrait of the pop star Madonna, a plaque to mark the opening of the offices in Canary Wharf by then prime minister Gordon Brown and another sign bearing the bank’s name.

Barry Gibson, a representative from PwC, who was quoted by the BBC, said: “The chance to own a piece of history does not come up very often."

"The administrators were confident that, by holding their nerve for two years and waiting for the art markets to recover, they would be able to realise the optimum return for the creditors," he added.

Many banks and ex-staff of Lehman Brothers were among the 1,100 attendees at the six-hour auction.

Lehman Brothers was declared bankrupt in September 2008 during the height of the financial crisis.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development