PHILADELPHIA, Nov. 9, 2010 /PRNewswire/ -- Lucio Fontana's Concetto Spaziale sold for over a million dollars Sunday at Freeman's to a standing room only gallery. The work of art was part of the most successful sale of Modern & Contemporary Art at Freeman's. The auction totaled $3.4 million and 90% of the works offered were sold. With works selling for as much as 11 times their low estimate and attracting attention from 96 countries, the day included numerous achievements.

The indisputable blockbuster was the Fontana, which, after opening at $250,000, kept the attention of bidders via the phone, internet and in the room. After topping $500,000, the room fell quiet as the focus turned to two telephone bidders. A patient room held their breath and erupted in applause after the successful buyer won the piece at $1,161,000.

While Fontana's piece was certainly the blockbuster, he had good company. An enamel and steel wall piece by Roy Lichtenstein, Water Lilies with Willows, was sold for $612,200. Additional highlights from the auction include a Calder gouache for $52,000; a Severini drawing for $67,000; a Guerschner portrait for $73,000; and a large Le Pho oil painting for $97,000.

The Neuberger Berman and Lehman Brothers Collection comprised more than 230 lots realizing a total of $496,317; 100% sold by value. This was Freeman's third time auctioning works of art from the Lehman Brothers Collection. World records were set for 41 artists, including Joyce Pensato and Sarah Bockter. The top seller at $55,000 was a painting titled "Tiny Gold Jar" by Farhad Moshiri; selling for 11 times the low estimate. "Once again, the team at Freeman's has helped us deliver excellent value back to the Estate. We are delighted that their marketing efforts have resulted in such a positive outcome," says Kimberly Macleod, a spokesperson for Lehman Brothers Holdings Inc.

Chairman Samuel "Beau" Freeman II said, "It was a great sale, it was the first million dollar lot at Freeman's, and now we're moving onto our next million dollar piece." Overall, the auction was a prime example of Freeman's dedication and ability to attract buyers for both established and emerging artists. The sale featured the prominent Neuberger Berman and Lehman Brothers Corporate Collection, as well as a number of private consignments from distinguished collectors; which in turn attracted international private and institutional buyers.

SOURCE Freeman's