Lehman art pieces to be auctioned to riase £2 million

Hundreds of works of art that adorned the walls of Lehman Brothers' offices during its salad days, however, including corporate memorabilia are set to go under the hammer in London next week.

The 29 September auction to be conducted by Christie's is expected to bring in some £2 million and is timed to close to the second anniversary of the bank's downfall in 2008 according to PwC, administrators to Lehman's UK and European arms.

The collection includes modern art- Gary Hume's Madonna (estimated to sell at £70,000 to £100,000) and also a signed etching by Lucian Freud which are the highlights of the collection in addition to works such as 'The ship Frankfield off Table Bay' by Samuel Walters.

The auction also includes the bank's corporate sign from its Canary Wharf offices (estimate £2,000 to £3,000) and the commemorative plaque from the 2004 opening of the offices by Gordon Brown, then chancellor of the exchequer (estimate £1,000 to £1,500).

The sale also includes tea caddies, cigar boxes and Chinese ceramics.

Andreas Gursky's New York Mercantile Exchange 1991 photograph (estimate £100,000 to £150,000) is the most valuable piece and it will be sold in a separate auction in October.