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Rating:The First Neuberger-Lehman Art Auction Rakes in $12.3M Not Rated 1.0 Email Routing List Email & Route  Print Print
Monday, September 27, 2010

The First Neuberger-Lehman Art Auction Rakes in $12.3M

News summary by MFWire's editors

Fundsters interested in art work favored by the financial services industry may want to look into the Lehman Brothers auction of art mostly from Neuberger Beman [see profile]. Sotheby's held the auction on Saturday, bringing in $12.3 million, and two more auctions (one Wednesday, and another in November) are coming up. Both Bloomberg's Lindsay Pollock and the New York Observer's Alexandra Peers report on the results of the auction.

Although Neuberger split off from Lehman last year, most of the artwork at the auction came from Neuberger. And, citing unnamed sources, the Observer reports that execs from Neuberger (now divorced from Lehman) watched the auction from a "private skybox."

How well did the sale go? TheStreet previously estimated that the auction would take in between $10 million and $16 million (see The MFWire, 9/21/2010). Bloomberg offers a detailed look at the fate of some of the pieces in the auction (118 of the 142 lots sold). Julie Mehretu's "Untitled 1" topped the list, selling for about $1 million. 

Edited by: Neil Anderson, Managing Editor

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