The New York Magazine recently had a short update on the status of the now bankrupt Lehman Brothers investment bank, which has hired art consultant Kelly Wright. The collection is said to be composed of over 4,000 pieces with an approximate value of $30 million. It appears the collection will eventually be sold, but there is no rush to do so given the current state of the market. The article also states that Barclay's which purchased portions of Lehman Brothers as well as another management group have rights of first refusal on select item within the collection.
The New York magazine states Lehman has hired an art consultant, Kelly Wright. He’d previously assisted in art disposition in both the Arthur Andersen and Warnaco bankruptcies for creditor-advisory firm Alvarez & Marsal and says he’s already “pursuing avenues of disposition.” However, Lehman’s in no rush. “We are not anticipating the imminent sale of art, particularly under the likely current market conditions,” says Lehman managing director Francine Kittredge.
To read the NY magazine article, click HERE.
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