Sothebys gains Lehman Bankruptcy Role

On Friday, Reuters reported that Lehman Brothers Holdings Inc has gained approval to hire Sothebys. The defunct firm was an active buyer in the contemporary fine art world. The stated book value for the highest art asset in the holding company was reported in public statements as $300,000. At auction, one lot alone, Damien Hirst’s 1993 “We’ve Got Style (The Vessel Collection – Blue) is estimated to be between $800,000 to $1,200,000. The judge involved has also allowed the holding company to preserve it’s interest in 237 Park Avenue with an additional investment of $255 million. The allowance will prevent further demise to Lehman’s dwindling assets and help stave off a possible default on Park Avenue. If the Hirst meets the auction house target, it should be interesting to see the value of the Andy Warhol, Cindy Sherman, Cy Twombly, Swedish sculptor Claes Oldenburg and Maya Lin offerings that surely will be touted as “significant works” in the auctioneers marketing.