Antiques from former Lehman Brothers president set for October auction
NEW YORK — Former Lehman Brothers President Joseph Gregory, who often commuted by helicopter to work before his bank went bust, is auctioning off a collection of centuries-old furniture and artwork from his Long Island mansion which sold in June.
Auction house Sotheby's said recently that “important English furniture from some of the most notable cabinet makers, along with European porcelain and decorations” would be auctioned next month in a sale devoted to the collection of Gregory and his wife, Niki.
Among the items listed for auction are two commodes — chests of drawers — made in the 1700s, estimated to be worth as much as $120,000 and $400,000, and a painting by the Dutch artist Bartholomeus Assteyn titled “A Still Life of Grapes, Cherries, Peaches and Other Fruit in a Basket, with a Rose and a Dragonfly on a Stone Ledge,” listed for $60,000 to $80,000.
Before Lehman collapsed five years ago, Gregory boasted he had a personal spending budget of more than $15 million a year, Vicky Ward wrote in “The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers,” a book about how key personalities in the firm led it to ruin.
Joe often flew from Long Island to his midtown Manhattan office in a seaplane or helicopter. And Niki, who had a taste for expensive shoes, took trips to Los Angeles to go shopping, according to author Ward.
In 2009, Joseph Gregory filed a $233 million claim against Lehman's estate to recover deferred stock compensation, which is still outstanding.
The auction follows the sale of the Gregorys' home in Lloyd Harbor, New York, which was listed in July 2012 with an asking price of $22 million, Sotheby's said. Details of the sale were not immediately available from the auction house.
But real estate website Redfin.com shows that the house sold in June for $17.5 million.
“After many wonderful years designing, decorating and collecting for the house, the Gregorys are moving to a new chapter of their lives, with new projects and a focus on their own charitable organization,” Sothebys said in its catalog.
Their furnishings and artwork will be on display in the Sotheby's York Avenue galleries beginning on Oct. 18, and the auction will take place on Oct. 24.
Items for sale include a desk-and-bookcase, a breakfront bookcase and a pair of George III pier tables, all made in the 1700s by English furniture makers, along with European porcelain and decorations. The Gregorys will sell artwork in their collection by Robert Leopold Leprince and John Glover, which will be auctioned as part of Sotheby's Old Masters week.
Gregory, who was also chief operating officer of Lehman and long worked alongside Chief Executive Richard “Dick” Fuld, was let go in June 2008 along with Chief Financial Officer Erin Callan. He had worked at Lehman for more than three decades. The bank's failure in September 2008 was a major factor in precipitating the global financial crisis.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Police officer killed in Colorado Spring clinic rampage a co-pastor, figure skater
- Colorado clinic shooting suspect talked of baby parts, police say
- Slow-moving, wintry storm packs punch in Plains, Midwest
- Federal $1.1 trillion spending bill loaded with policy deals
- Prof proposes museum of corruption in New York capital
- Authorization for NSA dragnets of phone call data expires
- Police union stands by Chicago officer charged with murdering teen
- Kids making oral history with StoryCorps holiday project
- Disability claim waits grow alongside swelling caseloads for judges
- Pot doctors in medical marijuana states push boundaries with marketing
- AIDS activist finishes rowing across Atlantic