Lehman Bros art under the hammer

Madonna by Gary Hume is expected to fetch between £80,000-£120,000

Art that once hung on the walls of collapsed investment bank Lehman Brothers is to be sold next month.

Works by Lucien Freud and Gary Hume are in the company's European collection, which is to be sold for an estimated £2m by Christie's in London.

That will follow a similar sale of art from the firm's US headquarters, which is expected to fetch $10m (£6.3m).

Pieces by Damien Hirst, Gerhard Richter and Felix Gonzalez-Torres will go under the hammer in New York on 25 September.

The proceeds will go towards repaying the creditors of the investment bank, which was the biggest bankruptcy in US corporate history when it collapsed in September 2008.

A company sign from its offices in Canary Wharf, London, will be among the objects sold at the London auction on 29 September, as will Lehman Brothers cigar boxes and tea caddies.

With an estimated value of up to £150,000, an image of a New York stock exchange by photographer Andreas Gursky will be sold separately in October.