A Sotheby’s auction of the Lehman Brothers art collection, held last week, set new sales records for 17 artists and raised just over $12 million dollars.
The proceeds of the auction will go toward repaying the more than $600 billion owed to the creditors of Lehman Brothers, which declared bankruptcy on September 15, 2008 and helped set off a global meltdown of the financial system.
Although the sale was considered a success by art critics, the proceeds are not likely to make much of an impact on the over $2 billion in investor losses related to Lehman Brothers backed structured notes (PPNs) and other products sold to retail investors. The firms selling Lehman Brothers notes include brokerage giants UBS, Charles Schwab and Merrill Lynch.
If you lost money in a Lehman Brothers backed investment, please contact our office for a case review. Thank you.