June 4, 2010 / 3:54 PM / 7 years ago

Lehman plans contemporary art sale at Sotheby's

NEW YORK (Reuters) - Bankrupt financial group Lehman Brothers Holdings Inc plans to sell about 450 works by contemporary artists including Robert Rauschenberg at an auction in September, according to court documents.

<p>Liu Ye's "The Long Way Home" - 2005. REUTERS/Sotheby's New York</p>

Lehman, which filed for bankruptcy in September 2008, has asked the court to approve hiring art auction house Sotheby’s to manage the sale.

Lehman’s collection also includes works by Andy Warhol, Cindy Sherman, Cy Twombly, Swedish sculptor Claes Oldenburg and Maya Lin, who is best known for the Vietnam Veterans Memorial in Washington.

Lehman said in the documents that none of the items had a book value higher than $300,000.

Lehman has previously sold other artwork as part of its efforts to raise funds to pay back creditors.

Reporting by Caroline Humer, editing by Gerald E. McCormick

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