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Rating:Neuberger Art to Hit Sotheby's Not Rated 1.0 Email Routing List Email & Route  Print Print
Friday, June 04, 2010

Neuberger Art to Hit Sotheby's

News summary by MFWire's editors

Did you especially like a painting you noticed while visiting Neuberger Berman in years past? You may now have a chance to buy it. Paintings and artwork from the walls of Neuberger Berman will be a part of a Sotheby's run auction of pieces from Lehman Brothers Holdings Inc. scheduled for the fall, reports Bloomberg.

Neuberger started collecting art in the 1940s when founder Roy Neuberger began collecting progressive art. Mr. Neuberger donated that collection to the Neuberger Museum of Art at the State University of New York in Purchase. The Neuberger pieces being auctioned do not include Roy Neuberger's personal pieces.

Still, Neuberger Berman maintained the tradition of collecting art for the office and in recent years had retained experts to act as buyers for its collection.

The bad news for buyers is that Neuberger partners had first crack at the pieces, meaning that much of the collection did not make it to auction, according to the report.

The auction may raise up to $10 million. The center piece is expected to be Damien Hirst's 1993 "We've Got Style (The Vessel Collection-Blue)." Estimates for the painting range from $800,000 to $1 million.

A Julie Mehretu abstrect painting titled "Untitled 1" that could fetch up to $800,000 (Lehman paid $21,726 in 2001, so the investment bank does still have some astute deals on its books). 

Edited by: Sean Hanna, Editor in Chief

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