Cheap Art From the Halls of Lehman Brothers

Former Lehman Brothers CEO Dick Fuld didn't get as much as was hoped for his art collection when he put it on the block at Christie's last year -- just $13.5 million, instead of the expected $15 million to $20 million, according to news reports at the time. But this weekend, you can snap up some of the prints and paintings that lined the halls of Fuld's defunct investment house for a fraction of that.

On Sunday, Freeman's Auctioneers in Philadelphia will be selling 283 works of art from Lehman's U.S. offices, including its Manhattan headquarters. Among the pickings: A print of the Statue of Liberty by pop icon Roy Lichtenstein (estimate: $15,000-$25,000), a lithograph of the Brooklyn Bridge by Louis Lozowick (estimate $6,000-$8,000), and a painting of the World Trade Center by Richard Haas (estimate: $1,500-2,500).

What gives with the (relatively) low estimates? For one thing, about 70% of the works are prints; multiples are more affordable than unique oil paintings. The wobbly art market, too, is playing a role: As the rest of the economy has tumbled, so have prices for collectible fine art. And some experts say the collection -- a typical corporate grab bag of black-and-white prints and colorful, abstract contemporary pieces -- just isn't that impressive. "This is decoration -- what you get when you have a lot of offices you want to fill up," says New York gallery owner Mark Borghi.

Freeman's has ensured that most of the art will go. "Everything estimated at under $10,000 does not have a reserve, so it must be sold," says Anne Henry, Freeman's vice president of modern and contemporary works of art. Only a few major pieces -- including the Lichtenstein -- are subject to a reserve, or minimum price below which they will not be sold. She adds that the company received an overwhelming number of advance written and telephone bids and requests for condition reports. "We knew the name would generate a lot of interest, but it has exceeded our expectations," she says.

While Lehman's creditors will reap the proceeds, Freeman's should benefit, too, from sales it believes will total $1 million. The firm adds a 25% premium, paid by the buyer, on the first $20,000 of each winning bid, and 20% on anything from $20,001 to $500,000.

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for highlights of some works to go on sale Sunday.

Roy Lichtenstein
(American, 1923-1997)
1982, signed and dated in pencil, numbered 37/250.
Estimate: $15,000-$25,000
(Lot 179)

This print by the pop artist is one of the few works subject to a reserve price. "It's the Statue of Liberty -- you can't get more American than that," says Mark Borghi, owner of Mark Borghi Fine Art in New York. "If you're sitting 25 feet away, you could say that's a Lichtenstein. That's the kind of recognition people want on their walls."

Bernar Venet
(French, b. 1941)
2003, stamped bottom right with the artist's initials and numbered 'BV 6/25'
Estimate: $20,000-$30,000
(Lot 221)

A rolled and welded steel piece by Bernar Venet, who has gained a following for his massive sculptures. These works don't often appear at auction. "One came up a few years ago and sold for more than that," says Freeman's Henry. "This is from a fairly small edition."

Georges Manzana Pissarro
(French, 1871-1961)
Estimate: $8,000-$12,000
(Lot 47)

Paintings by Georges Manzana Pissarro (there are two in Sunday's auction) were among those displayed near the executive dining rooms on the 32nd floor of Lehman's Seventh Avenue office tower. Barclays purchased the building last year.

Louis Lozowick
(Russian/American, 1892-1973)
1938, signed, dated and numbered 11/15 in pencil
Estimate: $6,000-$8,000
(Lot 21)

You can have your choice of bridges: The auction also features Lozowick's studies of the Williamsburg, Queensboro and Triborough (now R.F.K.) bridges. This print, one of more than 40 iconic images of New York in the auction (many of them from the 1930s), is priced very reasonably, says art dealer Borghi.

Louise Bourgeois
(French/American, b. 1911)
1989-1996, numbered PP I
Estimate: $7,000-$10,000
(Lot 235)


This print was signed in crayon and marked "PP I," or printer's proof. "It was executed from 1989 to 1996, a quite long, unusual feat in printmaking," says Henry. Aspiring collectors may also want to check out Lot 236, a Bourgeois print that is estimated to sell between $1,000 and $1,500.

Richard Haas
(American, b. 1936)
Gouache and pastel on paper, executed in 1999
Estimate: $1,500-$2,500
(Lot 42)

This image shows the World Trade Center against a blue sky. "This is very attractive, based on current prices in the market for Haas work," says Susan Greenberg, president of Art Advice Corporate Art Consultants. Other works for sale by the painter and printmaker include his images of the Woolworth Building, the Flatiron Building and St. Paul's Church.

Ryan McGinness
(American, b. 1971)
Complete set of four prints, 2006, all signed, dated and three numbered 33/33 in pencil, monoprint numbered 1/1
Estimate: $10,000-$15,000
(Lot 282)

A recent work from a former skater and graphic designer turned art star. The winning bid gets three color lithographs and one unique color monoprint punctured by three .22 caliber bullet holes. "The focus on cutting-edge art really sets the collection apart a bit, and makes it much more three-dimensional," says Henry.

Arturo Herrera
(Venezuelan, b. 1959)
2007, signed with initials and dated 'AH 07' in pencil, numbered 5/23
Estimate: $10,000-$15,000
(Lot 211)

This work was published by Dieu Donn , a New York group that specializes in handmade paper and often partners with international artists. "A lot of corporations are trying to be more international," says Art Advice's Greenberg. "And we're seeing more and more investing in living artists."

Driss Ouadahi
(Algerian, b. 1959)
Oil on canvas
Estimate: $1,200-$1,800
(Lot 207)

Ouadahi is known for his paintings of architectural subjects, often high-rise glass structures on the fringes of European cities. "This is one of three paintings of the side of an apartment building," says Henry. "The squares are in beautiful grays and soft colors, and it looks like an abstract painting."

Pouran Jinchi
(Iranian, b. 1959)
Signed and dated 'Jinchi 1996' in yellow lower left, mixed media on canvas
Estimate: $10,000-$15,000
(Lot 206)

Jinchi is recognized for her intricate use of script and patterns. "This is a nice piece, somewhat calligraphic," says Greenberg, noting that the size alone, at almost four feet by three feet, makes the work more expensive than many others in the collection. "Reaching out to global art seems to be where Lehman was headed in this new millennium."

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