FIRE SALE

Lehman Auctions Off Art for $12 Million

Proceeds will go to creditors.

Everything must go, including the Damien Hirst. Lehman Bros. has decided to auction off its artwork in New York and London to help repay the $600 billion they owe to creditors. The European art collection was auctioned off at Christie’s in London and Sotheby’s in New York, fetching a total of $12 million. Notable sales included Ethiopian artist Julie Mehretu’s acrylic work, Untitled 1, which sold for just over $1 million, and Chinese artist Liu Ye’s oil painting The Long Way Home, which auctioned off for $962,500. Unfortunately, a piece by British artist Damien Hirst – called We’ve Got Style , failed to find a bidder after expecting about $1 million. In addition to the European collection, Lehman Bros. will auction off a company sign from its offices in London’s Canary Wharf, company cigar boxes, and company tea caddies.