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Lehman Brothers art collection to go under the hammer

Lehman Brothers, the massive financial conglomerate which collapsed as a result of the credit crunch, is again in the headlines with news that the company's art collection will go under the hammer very soon. It is believed that original signs from the company's various head offices will also be sold off with the famous Lehman Brothers office sign in London expected to raise around £3000.

Overall, PricewaterhouseCoopers, the UK operation in charge of closing down the UK operation, believes that the company's art collection will raise in the region of £2 million which will be used to pay off some of the company's creditors. However, when you consider that creditors of Lehman Brothers European operations are rumoured to be looking at potential losses of $20 billion, a £2 million windfall will do very little to impact this figure.

For many people the collapse of Lehman Brothers perfectly reflects the era of greed which preceded the credit crunch and the worldwide economic downturn. This is a company which was at the heart and soul of the worldwide financial markets and was seen by many as a leader in the sector. However, when the credit crunch hit home and the economic downturn began to pick up pace the company was left high and dry and despite various last-minute rescue attempts, Lehman Brothers collapsed as the bloodletting from the worldwide financial arena began.

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