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Tuesday, July 27, 2010|
Buy a Picturesque Piece of Lehman and Neuberger
Attention, fund managers and art connoisseurs: you may get a chance to grab that piece you've been eyeing from the Neuberger Berman and Lehman Brothers corporate art collections. That's because the collection is scheduled to be auctioned off in November in Philadelphia.
Freeman's has been appointed by Lehman Brothers Holdings Inc. and Alvarez & Marsal, which is overseeing LBHI's restructuring, to sell more than 250 selected works from the firms' London, Philadelphia, Chicago, Los Angeles, and San Francisco offices.
This will be Freeman's third auction of property from the Lehman Brothers Art Collection and the second offering of Modern and Contemporary art. All of the previous works offered by Freeman's were sold, according to Freeman, and the November 2009 Modern and Contemporary art auction set over 50 world records for artists. In addition, Sotheby's will offer selected works in a single-owner sale in New York in the Fall.
"Freeman's has been an excellent choice for the Lehman art to date and has generated results that have consistently exceeded expectations," stated Bill Gordon, a managing director at Alvarez & Marsal. "We remain confident that Freeman's will continue to deliver unlocked value to Lehman's creditors in the upcoming auction."
Lehman Brothers' long history of collecting art can be traced back to its patriarch, Robert Lehman. Works he collected were donated to the Metropolitan Museum and comprise the Lehman Wing. As a result of Lehman Brothers' 2003 acquisition of Neuberger Berman, the two firms' collections were integrated.
Neuberger Berman, which re-emerged as an independent, employee owned asset management firm in 2009, has retained a significant portion of its art collection in its offices. Established in 1939, Neuberger Berman managed approximately $180 billion in assets as of the end of March.
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