Another chapter in the history of Lehman Brothers is now closed. At yesterday's auction, the artwork held by the once mighty financial institution fetched $1.35 million, almost double the $760,800 presale estimate by Freeman's Auctioneers. Nonetheless, it puts hardly a dent in the $250 billion that Lehman owes its creditors.

The auction lasted six hours and featured both fast-paced bidding and generous prices. Unsurprisingly, Roy Lichtenstein's Statue of Liberty print, titled "I Love Liberty," was the top lot at $49,000 (the presale estimate was only $25,000). Robert Indiana's "Polygons" prints brought in $23,750, almost four times the expectation. Every lot moved, the first time we've seen a 100 percent auction (high profile, at least) in a while.

Alasdair Nichol, vice chairman and auctioneer at Freeman's, cites "trophy hunting" as the driver behind Sunday's result. "What's not to like?" he said to Bloomberg News." "It's nice boardroom art, presented nicely, ready to go up on the walls. People lapped it up."

The 7th annual Tibet House US Benefit auction is taking place on November 18th at Christie's Auction House in New York City. The event is aimed at promoting and preserving Tibetan culture. Proceeds from the auction will be divided to sustain the Tibet House and another organization with like-minded initiatives. Some funds will support projects and programs spawned by the Tibet House in their mission of displaying and maintaining the ancient traditions of the Tibetan civilization. The event will also donate to Tibetan Children's Village an integrated educational community for destitute Tibetan children in exile located in Dharamsala, India. The fundraiser will also benefit the Tibetan Community of New York and New Jersey.

Items to be auctioned off include a package of four VIP concert tickets and a meet and greet backstage with Sting, internships at Rolling Stone and US Weekly, a private journey for two to Bhutan with guest accommodations, a luxury yacht cruise for seven to the Bahamas with a week long stay in a private house on the beach, lunch at the Four Seasons restaurant in New York City with Uma and Robert Thurman, shopping and lunch with Donna Karan at her store, John Lennon, Martin Scorsese, and Miles Davis memorabilia, a one-week stay in a villa on the French Riviera, contemporary art and photographs from Annie Leibovitz, Patti Smith, Ed Ruscha, Donald Baechler, and more. TIckets to the event are $225 per person with VIP tickets that include a preview and private reception available for $500.

The spontaneous generosity of Elvis Presley was legendary and launched thousands of stories. The 10 carat diamond ring shown above was given to fan Lloyd Perry in Asheville North Carolina at concert in 1975. This one-of-a-kind piece of Elvis Presley memorabilia will be sold at auction by Affiliated Auctions in Tallahassee, Florida on December 6th, 2009. Perry says that the piece was given to him when, four songs in to his 1.5 hour show Elvis tossed his Gibson guitar in to the audience. Perry and the man seated to his right both grabbed for the the guitar. Perry let the other man have the guitar and a few songs later Elvis Presley called Perry on stage, shook his hand and then took the diamond ring shown above from his own finger and handed it to Perry. The 10ctw diamond ring, consists of 19 four-prong set diamonds set in 14K yellow gold.

It seems like everywhere I look these days there is a former sports star in trouble. The AP reported on the court-ordered auction of former Nebraska football player Aaron Taylor. The former center and guard's seven championship rings and his Outland trophy brought in $28,500 today. Bids were taken in person and online and the bronze statue sold for $6,800. The auction was forced by the closure of the Huskers-themed Scarlet and Cream Letter Club restaurant and Taylor's bankruptcy. The former college player who went on to be drafted by the Indianapolis Colts started the restaurant in Omaha with other former Nebraska players.

The AP reports says that some Nebraska fans donated money to help Taylor try and save some of his memorabilia. Taylor was one of seven Nebraska players who won the Outland Trophy and was awarded All-American honors at two different positions (offensive center and guard).

In his bankruptcy filing earlier this year Taylor said he owed at least $109,543 and had assets worth $5,300 (excluding the value of the rings and trophy). The restaurant owed state and federal taxes including $69,000 owed to the IRS. He had tried to have his memorabilia excluded from the bankruptcy liquidation but under the terms of Chapter 7 he was forced to surrender them.

If you want art with an unique history, go to Freeman's auction house in Philadelphia tomorrow. More than 200 contemporary and modern art pieces formerly owned by Lehman Brothers will be going under the gavel. The efforts of David Hockney, Robert Indiana, Frank Stella and Roy Lichtenstein will be represented at the auction. The collection is valued at between $500,000 and $750,000, and most of the lots do not have reserve prices. Those that do (there are only around a dozen) only have minimums of $10,000.

This is an auction that's sparked some interest among art collectors.

Anne Henry, vice president of Freeman's, told The Associated Press, "Our phones have been ringing off the hook," continuing, "The pieces are interesting, in great condition and appeal to all kinds of collectors." Specific lots include an Alexander Calder print estimated at $800 to $1,200, a set of nine Walker Evans photographs which are estimated at $1,000 to $1,500 and a Roy Lichtenstein print of the Statue of Liberty, which is expected to go for between $15,000 and $25,000.

Lehman Brothers didn't get much time to enjoy the pieces it purchased. Some were acquired only a few months before the storied investment bank collapsed in September 2008, crushed by the weight of $600 billion of debt.

Of course, this auction pales in comparison to that of former Lehman CEO Richard Fuld. He sold 16 pieces at a Christie's auction last year, bringing in only $13.5 million, nowhere close to the $20 million estimate.

If you can't make tomorrow's auction, Freeman's will be holding two more: one for paintings and sculpture on December 6, 2009 and a no-reserve auction of 450 prints on February 12, 2010.

If you are a doll collector, Theriault's is your place. The auction house was founded in 1970 by Florence and George Theriault and specializes in the appraisal and auction of antique dolls and other collectible toys. The firm, which is based in Annapolis, Maryland, is holding a doll auction on October 31 in Scottsdale. The auction will feature nearly 400 lots of rare antique dolls and other collectibles including doll furniture and French doll costumes for petite mignonettes from an original archive. The following day will feature the collection of the late Martha Hester of Houston, Texas, who collected Madame Alexander Dolls. Both auctions offer remote bidding both online and over the phone.

Theriault's buys dolls, doll-related items, toys, accessories and teddy bears and offers auction consignment or outright purchase. They have an in-house art and photography department to create art-quality catalogs. They conduct more than 35 doll auctions around the U.S. each year.

The little dolls can be big business. Earlier this year, Theriault's established a new world auction record for an antique doll when a French art doll, circa 1914, by sculptor Albert Marque sold for $263,000 (including buyers premium). Demi Moore and Barbara Streisand are among celebrity collectors. A doll of Streisand herself will hit stores this November.

I asked collector Deborah Jenkines, who inspired me to write this post, about the lure of dolls. She says that she became interested in dolls as women's history. "Dolls reflect a society's idea of the perfect woman or child. Dolls and the original clothing they wear are a reflection of the culture that produced them, the same as a pot shard or a building." Like many collectibles, dolls can be a connection to a certain time or place and collections seemed to be formed of equal parts nostalgia and aesthetic appeal.

The incredible two-seated throne above has had a long history. The black walnut furniture with pierce-carved armrests formed from integrated winged lions was once installed in a castle in Bavaria. Later they were in a mansion overlooking Chesapeake Bay. And finally they were destined for what would have been the most expensive home in the United States, the Pinnacle, a home to be built in the Yellowstone Club in Montana. Yellowstone Club founder Tim Blixseth planned to put this in the 53,000-square-foot home spec house that was never built.

This is just one of the offerings from the Yellowstone Club that will be auctioned off by Red Baron's Antiques in Atlanta. Red Baron is famous for its monumental auctions featuring fountains, whole wood bars, vintage automobiles and all sorts of pieces that because of their size might not find a home elsewhere. The auction featuring the Blixseth pieces will be held on November 6-8 and the entire collection could be worth more than $8 million.

Tim and Edra Blixseth once traveled the world picking up furnishings for their many homes. Now the battling Blixseths are being forced to sell of most of their properties and many of their belongings. The Yellowstone Club went to Edra Blixseth after the divorce but after bankruptcy proceedings it was sold to CrossHarbor Capital Partners of Boston for $115 million. CrossHarbor decided to liquidate the furniture collection. A total of 13 tractor-trailer loads of furniture are being shipped to Atlanta for the sale.

The largest vivid-green diamond ever to appear at auction is one of the rare natural-colored diamonds and historical jewels being sold at the Sotheby's November 17 sale at the Hotel Beau Rivage in Geneva. A total of around 400 lots are set to be auctioned off and could bring close to $30 million. The green diamond, shown above at right, is a cushion-shaped stone with a modified brilliant cut. It weighs 2.52 carats but because of the rarity of natural diamonds of this color it is estimated to sell for $3.1 million to $5.1 million. Shown above at left is another expensive rare stone, a pear-shaped fancy vivid-blue diamond with a modified brilliant cut. it weighs 5.96 carats and is expected to fetch between $5.5 million to $7.5 million. Other gorgeous colorful diamonds up for sale include a cushion-shaped fancy pink diamond weighing 6.63 carats and a a cut-cornered rectangular-shaped fancy vivid-yellow diamond with a modified brilliant cut, weighing 74.8 carats and mounted on a yellow gold ring.

The sale also includes pieces from the collections of Mary, Duchess of Roxburghe, Grand Duchess Maria Pavlovna of Russia and society figure Daisy Fellowes. Many pieces signed by Boucheron, Bulgari, Cartier, Harry Winston, Tiffany and Co., and Van Cleef and Arpels, and other jewelry houses past and present will be up for sale. A sapphire and diamond demi-parure, circa 1900, was inherited from Grand Duchess Maria Pavlovna by her daughter Princess Elena of Greece and Denmark, Grand Duchess of Russia, and has been consigned by its present owner, a member of a European imperial family. The set is estimated to sell for $137,000 and $176,000. The group of jewels--which left Russia just before Pavlovna's flight from St. Petersburg during the 1915 Revolution--includes a brooch set with an oval Burmese sapphire within a border of cushion-shaped diamonds, and a pair of matching ear clips.

Speaking of the sale, David Bennett, Sotheby's Chairman of Jewelry, Europe and Middle East, said: "We are thrilled that we are able to follow on from our achievement of the world record price per carat for any gemstone at auction with the "Star of Josephine" this past May in Geneva by offering a magnificent Fancy Vivid Blue Diamond of 5.96 carats, as well as an extremely rare vivid green diamond – the largest to ever appear at auction."

[via National Jeweler]

November 2008 was pure living hell for the art auction houses. The bottom had just fallen out of the market ... and they were still saddled with pieces for which they'd offer guaranteed minimums. This is exactly what happened with Roy Lichtenstein's "Half Face with Collar."

The 48 square inch painting went under the gavel at Sotheby's almost a year ago, with the seller, Italian art dealer and collector Gian Enzo Sperone, protected by a $15 million minimum by the house. Now, it's on display at FIAC, right next to Andy Warhol's "Green Disaster," in the Projet Moderne section.

For many, the question of who owns the Lichtenstein painting has been raised. Is the fact that it's hanging as an entry from the Gagosian Gallery meaningful? A source at FIAC tells Bloomberg News that it is: "Larry owns it and it's definitely for sale."

It would be poetic, of course, for the piece to fetch the $15 million it failed to reach last November, but for now, all we can do is wait for the result (if any).

Christie's has been expanding its services lately. The auction house has been growing its art storage service business and now it will offer complete coverage for collectors who want to insure their valuables, homes, cars and other possessions under a single policy. Christie's Insurance Services is s partnership with Heath Lambert and Chubb Insurance and will be offered to Christie's private clients who have specialized needs when it comes to storing and transporting valuable art. The service will also offer automatic coverage on any new pieces purchased through Christie's.

The Times Online quotes Adam Prideaux, an art insurance broker at Heath Lambert, who indicated that there was a need for the service because, due to the economic downturn "there have been considerable problems for the art insurance market due to pressures on capacity against the exceptional prices of certain works."

Christie's already offers a valuation service and will now have risk management advice for those needing counsel on how to preserve the value of their collections. At first the insurance will be only be available clients in London and those in Europe who are serviced from London.

Christie's is looking for a thrill on November 10, 2009. The auction house is sending an Andy Warhol portrait of Michael Jackson under the gavel, with a presale estimate of between $500,000 and $700,000. The piece, measuring 30 inches by 26 inches, is one of a small collection of silk-screens the King of Pop Art created of the King of Pop in 1984.

The Jackson piece is being sold by an anonymous collector in New York, according to Brett Gorvy, the deputy chairman of Christie's. The current owner purchased it from the Andy Warhol foundation sometime in the 1990s.

Forty-six lots will be auctioned along with the Jackson portrait, and there will be two other paintings by Warhol.

Back in August, a similar Jackson painting by Warhol was sold. The buyer chose to remain anonymous, and nobody will reveal the price ... except to say that it went for more than $1 million.

I haven't heard much lately about Charlize Theron, but she made it back into this news this past week with her part in the OneXOne charity event on October 22 in San Francisco, where she took the stage to auction off a prize that included a two-week trip to her native South Africa to watch soccer's World Cup in summer 2010, a safari, and a meet-and-greet with Nelson Mandela. The winning bidder, a woman, received an extra item for her $140,000 donation -- a kiss with Theron, who had tossed in the offer of a kiss to increase bidding when the offers plateaued at $37,000.

Theron was at the event to help raise money for the Charlize Theron African Outreach Project, which is teaming with the OneXOne Foundation to bring soccer fields and clean water to the children of South Africa by 2010, in time for the World Cup. Theron is in a long-term relationship with actor Stuart Townsend. "My boyfriend is not here tonight," she joked during the auction.

The three major auction houses were upbeat at the Frieze Art Fair and seem to think an art market recovery is in the works. ArtInfo reports that Sotheby's, Christie's and Phillips de Pury came out of the event feeling positive about the market's direction – even if it is tempered with a dose of reality. The number of pieces sold and the prices at which they moved were still pretty far from what they were in the pre-Lehman days. For now, though, collectors need to think about the early stages of recovery, not hope for a return to the glory days of 2007.

The auction houses did fairly well, though estimates tend to be far lower than a year ago. Damien Hirst's Wallace Collection moved well, with "Two Skulls" selling for $705,244, far more than its presale estimate. Emerging artists had moments in the sun, as well, particularly Hurvin Anderson's "Untitled (Beach Scene)," which sold for $158,304 – more than three times its presale estimate. Farhad Moshiri's "Cowboy and Indian" more than doubled its presale estimate, with a price of $548,976. In general, the auctions posted sufficient results, the first step in a market turn. Sotheby's and Christie's pierced the $20 million mark in recent contemporary auctions, and Phillips de Pury moved 31 of 43 lots to reach $6.7 million in a recent contemporary auction.

Now that the art market is moving from Frieze to FIAC and into the busy fall auction season, we'll get a sense of what 2010 will look like ... and if the market is finally picking up the momentum we all want it to show. The last art market slump, from 1990 to 1992, didn't bring an immediate resolution, with prices not returning to normal until 1995. So, brace yourselves for a slow recovery (or treat it as bargain season!).

We've been seeing more good results at auction this season, wine, art, watches and jewelry all seem to be selling stronger than they were a year ago. On Wednesday, the Annenberg Diamond a 32.01-carat D-flawless stone mounted in a ring by Manhattan jeweler David Webb, sold for $7.7 million, healthily above the estimate of $3 million to $5 million. The per carat price of $240,000 set a new world record for a colorless diamond at auction. The ring had been owned by philanthropist Leonore "Lee" Annenberg, who died in March at the age of 91.

Christie's "Jewels: The New York Sale and the Annenberg Diamond" and "Rare Jewels and Objets d'Art: A Superb Collection" sales together totaled $46.5 million with a combined sell-through rate of 85 percent by lot and 94 percent by value. A diamond and rock crystal bow brooch by Cartier was expected to sell for $200,000 - $300,000 but ended up going for $1.1 million and other pieces sold above estimate. Rahul Kadakia, head of jewelry at Christie's New York, expressed enthusiasm over the sale saying that for a time it was "as if the recession never happened."

If you can survive buying or selling real estate in New York City, you can survive the process anywhere (well, maybe London and Tokyo would be rough). I've bought twice and sold once in NYC, and am pretty sure some of my gray hair arrived during those months. Recently I heard about BidOnTheCity.com, "eBay for Manhattan real estate." Intriguing! You can buy or sell, but unlike most other auction sites, you can only bid at a certain time, in person or online, Sundays at noon. Even brokers can get involved. Here's how it works. Read some press coverage here.