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auction

via bbc.co.uk

An auction of fine art from the New York offices of collapsed investment bank Lehman Brothers has raised more than $12m at Sotheby’s.

The proceeds will go towards paying Lehman’s creditors, owed $600bn since the firm’s collapse in 2008.

On Wednesday art from Lehman’s extensive European collection will be auctioned at Christie’s in London.

Top sellers in New York included work by Ethiopian artist Julie Mehretu and an oil painting by Liu Ye of China.

Mehretu’s ink and acrylic work, entitled Untitled 1, sold for a little more than $1m. Liu’s oil painting The Long Way Home went for $962,500.

Both works set records for the artists.

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Article courtesy news.bbc.co.uk

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