Freeman

Collectors "Lapped up" Lehman Art

i love liberty Another chapter in the history of Lehman Brothers is now closed. At yesterday's auction, the artwork held by the once mighty financial institution fetched $1.35 million, almost double the $760,800 presale estimate by Freeman's Auctioneers. Nonetheless, it puts hardly a dent in the $250 billion that Lehman owes its creditors.

The auction lasted six hours and featured both fast-paced bidding and generous prices. Unsurprisingly, Roy Lichtenstein's Statue of Liberty print, titled "I Love Liberty," was the top lot at $49,000 (the presale estimate was only $25,000). Robert Indiana's "Polygons" prints brought in $23,750, almost four times the expectation. Every lot moved, the first time we've seen a 100 percent auction (high profile, at least) in a while.

Alasdair Nichol, vice chairman and auctioneer at Freeman's, cites "trophy hunting" as the driver behind Sunday's result. "What's not to like?" he said to Bloomberg News." "It's nice boardroom art, presented nicely, ready to go up on the walls. People lapped it up."

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Lehman Art: Fire Sale Auction in Philly

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

I i love liberty f you want art with an unique history, go to Freeman's auction house in Philadelphia tomorrow. More than 200 contemporary and modern art pieces formerly owned by Lehman Brothers will be going under the gavel. The efforts of David Hockney, Robert Indiana, Frank Stella and Roy Lichtenstein will be represented at the auction. The collection is valued at between $500,000 and $750,000, and most of the lots do not have reserve prices. Those that do (there are only around a dozen) only have minimums of $10,000.

This is an auction that's sparked some interest among art collectors.

Anne Henry, vice president of Freeman's, told The Associated Press, "Our phones have been ringing off the hook," continuing, "The pieces are interesting, in great condition and appeal to all kinds of collectors." Specific lots include an Alexander Calder print estimated at $800 to $1,200, a set of nine Walker Evans photographs which are estimated at $1,000 to $1,500 and a Roy Lichtenstein print of the Statue of Liberty, which is expected to go for between $15,000 and $25,000.

Lehman Brothers didn't get much time to enjoy the pieces it purchased. Some were acquired only a few months before the storied investment bank collapsed in September 2008, crushed by the weight of $600 billion of debt.

Of course, this auction pales in comparison to that of former Lehman CEO Richard Fuld. He sold 16 pieces at a Christie's auction last year, bringing in only $13.5 million, nowhere close to the $20 million estimate.

If you can't make tomorrow's auction, Freeman's will be holding two more: one for paintings and sculpture on December 6, 2009 and a no-reserve auction of 450 prints on February 12, 2010.

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Tags: art, art auction, art auctions, ArtAuction, ArtAuctions, artwork, auction, auction-house, auctions, christies, freeman, lehman, lehman bros., lehman brothers, LehmanBros., LehmanBrothers, lehmanbrothershold..., richard fuld, RichardFuld, roy lichtenstein, RoyLichtenstein

Pinot Lovers' Cruise

by Lisa Palladino (RSS feed) —

Filed under: Luxury Travel & Hotels, Spirits, Yachts & Sailing

The second "Pinot Lovers' Cruise" is scheduled for May 31 - June 12, 2009, and combines the wines of August West with Freeman Vineyard & Winery. The 12-day trip on Oceania Cruises' Insignia makes stops in 12 cities, starting in Rome and ending in Istanbul. Oceania only carries 650 passengers and is known for its relaxed, no-tie policy, and gourmet cuisine, overseen by Executive Chef Jacques Pepin. The cruise includes a private winemakers' dinner, wine tastings and discussions, tours of top Italian wine-estates and plenty of Pinot parties.

Freeman has been named as one of the Magnificent 30 "Hottest Pinots" by the Wine Spectator, while the San Francisco Chronicle recognized August West as one of its top 10 wineries of 2005. Both wineries have received multiple 90+ scores from Wine Spectator, Wine Enthusiast and the Connoisseurs' Guide to California Wine.

Cruise prices range from $3,649 - $7,049 per person double, including free airfare from 20 major U.S. airports. Book by September 1 and receive prepaid gratuities, worth up to $300 per cabin.

Tags: August West, AugustWest, cruise, cruises, cruising, Freeman, Jacques Pepin, JacquesPepin, pinot noir, PinotNoir, wine