Starting next month in New York, bankrupt law firm Heller Ehrman will sell off hundreds of artworks to repay a small portion of its debt. The largely contemporary collection is expected to fetch between $610,000 and $1 million in a slow art market. Peter Benvenutti, the chair of Heller's dissolution committee who is now at Jones Day in San Francisco, said he expected the auction to generate "a small fraction of the original cost" of the art, which he said was substantially more than $1 million.
Heller Hopes Artworks Sale Will Fetch up to $1 Million to Pay Creditors
New York Law Journal
October 19, 2009