Untitled 1, Julie Mehretu. Estimated: $600,000—800,000. Price Realized: 1,022,500.

118 artworks that once hung in the corporate offices of Lehman Brothers Holdings Inc. sold to bidders at Sotheby’s auction house in New York today for $12.3 million, exceeding the high-end estimate of $12 million. The sale comes almost exactly two years after the investment bank filed the largest bankruptcy in the history of the United States and its proceeds will be used to pay off the $613 billion owed to creditors. Today, Kimberly Macleod, spokesperson for Lehman Brothers commented: “We are delighted that Sotheby’s delivered the value we sought on behalf of the creditors and that the result was at the top of the pre-sale estimate.”

More images, results and related links after the jump….
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Julie Mehretu, Untitled 1, 2001 (est. $600-800,000), via Sothebys.com

Almost two years to the day after Lehman Brothers filed the largest bankruptcy in U.S. history, the bank will auction off hundreds of artworks worth some $16 million in hopes of raising funds for its creditors. There will be an auction at Sotheby’s New York on September 25 followed by an auction at Christie’s London on September 29. The smallest of the three auctions will be held at Freeman’s in Philadelphia on November 7 and will focus on the Lehman’s Contemporary Art holdings.

Damien Hirst, We’ve Got Style (The Vessel Collection Blue/Green), 1993 (est. $800,000-1,200,000) via Sothebys.com

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