For Immediate Release

July 29th 2009

PRESS RELEASE:

Freeman’s Auctioneers to Sell First Part of Lehman Brothers Art Collection
Freeman’s auctioneers are to sell at auction the first part of the multi-million dollar art collection of the former global financial services firm, Lehman Brothers Holdings Inc. (LBHI) in Philadelphia during the Fall of 2009.

The collection for sale at Freeman’s is valued at US$1 million and consists of a large selection of modern and contemporary paintings, prints and drawings, along with a smaller group of American and Fine European paintings and prints from Lehman offices in New York, Boston and Delaware.

Paul Roberts, President of Freeman’s Auctioneers said “Freeman’s were able to offer Lehman Brothers an exceptional place to sell and market the first part of their collection to the art world. Over the last ten years we have made selling corporate collections one of our specialities. The auctions will present a rare opportunity for all to purchase works from one of the most substantial corporate art collections ever assembled in the country.”

Significant works by Bernar Venet, Willie Cole, Arturo Herrera and Pouran Jinchi are included in the 650 lot collection. There are prints by Louis Lozowick, Roy Lichtenstein, Louis Bourgeouis and Terry Frost, photographs by Bernice Abott along with important paintings by Bernard Cathelin and Herbert Brandl.  In addition, there is a large number of reasonably priced prints, drawings and paintings from standout artists of the latter half of the 20th Century. Mr Kelly Wright, an advisor to LBHI who is overseeing the evaluation and sale of this offering, said “We took the decision to sell the Collection with Freeman’s to maximize the value of the artworks at auction. We were delighted with their strategy for the sale and we are convinced that they will showcase the art at its best.”

 "We are very pleased to be selling LBHI's 1st tranche of artwork through Freeman's,” said Mr Bill Gordon, a senior director at Alvarez & Marsal Holdings, LLC, the professional services firm overseeing LBHI's restructuring.  "Freeman's platform is uniquely positioned to help us maximize unlocked value to the Estate for the creditors.”

Freeman’s will be selling the collection starting in the fall in Philadelphia with their “Modern & Contemporary Art” on November 1st, 2009 where it will feature as a ‘single owner section’. This is followed by their “Fine American and European Paintings and Sculpture” December 6th, 2009 with the last items of the Collection being sold at “Works from the Lehman Brothers Collection: Part II” on February 12th, 2010.

Anne Henry, Vice-President of Modern and Contemporary Works of Art at Freeman’s said, “We are delighted to have been chosen to offer for sale the first selection of works from the Lehman Brothers Art Collection. There are some significant paintings, drawingsand prints included in the Collection as well as reasonably priced, attractive and fresh examples to the market.”
Further details of the sale of the Lehman Brothers Art Collection will be made available as soon as possible. Samuel T. Freeman & Co. is an approved professional in the chapter 11 cases of Lehman Brothers Holdings Inc.

For more information please contact Thomas McCabe 267.414.1235

Kimberly Macleod, Lehman Brothers Holdings Inc., 212-526-2380.