Lehman's art goes under hammer in Edinburgh

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The Independent Online

Lehman Brothers' art investments have proved better than its financial ones. A sale of 23 paintings owned by the bankrupt bank beat estimates in Edinburgh yesterday, raking in £52,000.

Top-priced works included Believing by Willie Doherty, which sold for a hammer price of £10,700 to an overseas buyer.

Elena Ratcheva, paintings specialist at auctioneer Lyon & Turnbull, said: "Lehman bought very well and all the artists in the collection had strong reputations, but the bank's name attracted extra interest because people knew they were buying a piece of history."