Sunday, February 25, 2024

Lehmaned down

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As Lehman Brothers sign sells for just £9,375 at Christie’s, one bidder disputes the sale price and former executives party

 

The Lehman Brothers sign we featured earlier this month achieved just £9,375 in this week’s Christie’s South Kensington sale.

 

A Lehman Brothers sign sold for just £9,375 at Christie's in London on 17th September 2013
A Lehman Brothers sign sold for just £9,375 at Christie’s in London on 17th September 2013
Former Lehman Brothers employees gathered at B.B. King's in Times Square on the fifth anniversary of the company's collapse on 18th September 2013
Former Lehman Brothers employees gathered at B.B. King’s in Times Square on the fifth anniversary of the company’s collapse on 18th September 2013

Having been sold by the auction house in 2010 for an astonishing £42,050, this result is indication that Lehman is a company that most plainly want to forget.

 

In a bizarre turn, however, an individual named Kevin Adell, the founder of The Word Network – an organisation that describes itself as “the largest African American religious network in the world” – is alleging that Christie’s failed to accept his maximum bid of $20,000 on the sign. In a statement, he commented:

 

“I do not give up easy and I am demanding the sign be justifiably awarded to me”.

 

In a release that claims that Christie’s “allegedly award[ed the] sign to the wrong bidder”, Adell adds: “a representative of Mr Adell’s has tried to resolve the matter with Christie’s but to no avail”.

 

In separate news, “hundreds” of the company’s former traders gathered in New York yesterday for a “Lehman Rocks On” reunion on the fifth anniversary of the financial service firm’s collapse. Maybe one of them wants to remember and maybe, indeed, it was one of them who put in a bid.

 

 

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