Christie's to Auction Lehman Brothers Art Collection

Auction house Christie's is due to auction off artwork and memorabilia connected with now-defunct Lehman Brothers.

The collection will feature paintings, fine porcelain and the sign from the bank's London offices and should fetch a total of about £2 million ($3.2 million), according to a statement on Christie's website. The auction will take place in London on September 29, 2010.

"We look forward to presenting what is a fascinating glimpse into the history of what was a giant of the financial world," Benjamin Clark, director of corporate collections and museum services at Christie's London, said.

Individual items, such as Madonna by Gary Hume are expected to fetch as much as £100,000.

The auction is part of the bank's winding-down, with administrators seeking to realize the company's assets for maximum value.