An eclectic, multi-million dollar art collection that once adorned the walls of Lehman Brothers – the investment bank whose collapse kick-started the US recession – goes on the auction block this week.

The collection, in large part acquired by Lehman’s in 2003 when it bought the Neuberger Berman firm, boasts a Who’s Who of contemporary stars, including Damien Hirst, Julie Mehretu and Richard Prince.

Gabriela Palmieri, vice president at Sotheby’s, which will hold the auction Saturday in New York, called the range a “hall of fame” and “almost the shock and awe” of contemporary art. Another sale will be held in London on September 29 at Christie’s, featuring works by Lucian Freud and Gary Hume. Proceeds go to Lehman’s creditors.

The collection is a distant echo of the good times for global movers like Lehman’s, which declared bankruptcy in 2008, helping to trigger collapse across global financial markets. The collection was displayed in Lehman offices and lobbies, but was more than just a status symbol for the now-disgraced titans of finance, Ms Palmieri said.

“It wasn’t a question of corporate ‘we have the funds, so we can,’” she said. Rather, the Neuberger Berman and Lehman Brothers collections reflect savvy bargain-hunting and support for rising artists.

Instead of buying at auction, the long-time corporate curator Michael Danoff scoured galleries and art shows, remarked MsPalmieri.

Many of the works were bargains. An abstract meditation on urban life by Julie Mehretu probably was purchased for no more than $40,000, but is now estimated to sell for $600,000 to $800,000, she said.