On November 12th I posted to the AW Blog about the bankrupt investment firm of Lehman's Brothers petitioning the court to sell $8 million of art. Click HERE to read the AW post. Dan Milmo of the Guardian UK is now reporting the court has approved the petition to sell selected works of art. According to Milmo, the bankruptcy court has released $20,000.00 to art dealers "who will now release the art from warehouses and display it to potential buyers."There is still limited information on the transactions, how the sale of the collection will proceed and the total value. "The art collection represents significant value to the debtors' estates," Lehman said last month. There is no word yet, at least that I have seen on the market for the sale of the partial collection, be it galleries or auctions. From the quotes above, the sales appear to be either through galleries or private transactions. Although the quote could also mean, the art will be displayed at an auction house.
As more information becomes available, I will post on the AW Blog. ArtInfo also posted a story with basically the same content as the Guardian article, click HERE to read.
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