PHILADELPHIA, PA.- Freeman's announced that it has been appointed by Lehman Brothers Holdings Inc. (LBHI) and Alvarez & Marsal, LLC, the professional services firm overseeing LBHI's restructuring, to sell selected works from the distinguished Neuberger Berman and Lehman Brothers Corporate Art Collections*, subject to bankruptcy court approval.
After Lehman's acquisition in 2003 of Neuberger Berman, Lehman expanded its commitment to collecting fine art and embraced the enlightened vision of Roy Neuberger, who made contemporary art an integral part of the workplace for decades.
More than 250 works from the London, Philadelphia, Chicago, Los Angeles, and San Francisco offices will be included in the Modern and Contemporary Art auction scheduled for Sunday, November 7, 2010 in Philadelphia. Among the works to be auctioned are examples by leading artist of the 20th century - Robert Mangold, Alex Katz, Sol Lewitt and Judy Pfaff as well as examples by artists whose work has become more internationally acclaimed over the last decade - Elliott Puckette, Vernon Fisher and Joyce Pensato.
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 works offered by Freeman's were 100% sold 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 on September 25, 2010. Highlights from the Freeman's sale will be on view in New York with Sotheby's Summer Highlights exhibition now through August 20, 2010.
"Freeman's has been an excellent choice for the Lehman art to date and has generated results that have consistently exceeded expectations," said Mr. 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 Robert Lehman. Works he collected were donated to the Metropolitan Museum and comprise the Lehman Wing. Works from the Lehman Brothers Corporate Collection currently being offered at this auction provide buying opportunities for works of important provenance to both seasoned collectors wishing to supplement an established collection and first-time purchasers. As a result of Lehman Brothers' 2003 acquisition of Neuberger Berman, the two firms' collections were integrated.
Collecting and sharing art were passions of Roy Neuberger. His enthusiasm for collecting was inspiring to many of his associates at the firm, some of whom, like Roy, shared their art in the working environment. Much of Roy's collection was donated to the Neuberger Museum of Art, on the campus of SUNY, Purchase. In 1990, Neuberger Berman began building its own collection with a mission to focus on emerging to mid-career artists whose works celebrate the eclecticism and diversity of international contemporary art in all its schools and mediums. Figurative, abstract, minimalist, conceptual, assemblage - the result is a vibrant and provocative collection that engaged and inspired employees. Viewed as a whole, there is an underlying thread that runs throughout the collection and a fascinating dialogue that exists between individual works of remarkable range and variety.
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 and remains committed to presenting a selection of works that maintains the Neuberger Berman collection's pioneering character. Established in 1939, Neuberger Berman managed approximately $180 billion in assets as of March 31, 2010.
