Bankruptcy Lehman Brothers Logic Bonds

When bankruptcy hits, there is a scramble to sell of any and every possible asset and raise as much money as possible. And that is what Lehman wants to do. Apart from the building at Manhattan, very few know that Lehman has a huge art collection and big auctioneers like Sotheby’s and Christies are rubbing their hands in glee. After all with so many companies going bust in USA, it would be boom time for these auctioneers! One man’s loss has always been another’s gain.

According to Bloomberg, Lehman owns about 3,500 contemporary artworks that have been displayed in the investment bank's offices around the world, and the fate of the collection is unclear. It all depends on the bankruptcy proceedings and based on that, there is a possibility of the company selling off all or some of the artworks. No one is ready to pin a ballpark figure to this art collection but there is a feeling that it would take a while for the art to actually come for sale. Corporate art collections are not considered too tasteful as they are purchased at the whims and fancies of the current and previous owners of the companies. But yes, big companies like Lehman and the likes, actually hire curators and art advisors, and allows these experts to pick the collection.

So instead of hoarding only on gold or realty, this is also a lesson for Indian companies – buy more art. Famed art collectors in India Inc are Anil Ambani, the Aditya Birla group, Godrej, Rahul Bajaj, the RPG group and many more.
Selling art to raise money?
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