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Sothebys to Sell Works from Neuberger Berman and Lehman Brothers Collections

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Written by Alexander Sweeney   
Wednesday, 28 July 2010 01:36

Julie Mehretu - Untitled 1, 2001 - Est. $600/800,000. - Photo: Sotheby's

NEW YORK, NY.- Sotheby’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.

A single-owner sale of more than 400 works, which is estimated to bring more than $10 million, has been scheduled for Saturday, 25 September 2010 in New York. Among the works to be auctioned are examples of early works by many of the leading artists of the late 20th century – Damien Hirst, Gerhard Richter, Felix Gonzalez Torres, Richard Prince, John Currin and Takashi Murakami, as well as examples by artists whose work has become more internationally acclaimed over the last decade - Neo Rauch, Julie Mehretu, Liu Ye and Do Ho Suh.

“We ran a rigorous process to find the right auction house for this distinguished group of works,” said Mr. Bill Gordon, a managing director at Alvarez & Marsal. "Sotheby’s longstanding familiarity with the collections of both Lehman and Neuberger as well as its reputation and experience with corporate collections were important factors in our decision. We are confident that Sotheby’s is the best fit for the Estate’s mission to deliver maximum value to our constituents."

Mr. Kelly Wright, an advisor to LBHI who is overseeing the evaluation and sale of these works, said “It truly is a visionary collection, and Neuberger Berman’s astute reputation for investment is clearly seen in the selected works for sale. Many of the works were acquired from cutting edge and emergent artists who have since evolved into the vanguards of the contemporary art world."

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.

Milton Avery - Clover Leaf Park, 1942, Oil on canvas, 28 x 36 inches. Neuberger Museum of Art. Gift of Roy R. Neuberger

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.

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