In the case of Lehman’s art, a prior company acquisition is part of what’s making it challenging to sort through the company’s collection.

Neuberger Berman, an investment advisory firm that Lehman purchased several years ago and recently spun off from the bankrupt holding company, has until May 2010 to decide whether it wants to claim part of the art collection that came from its own offices, according to company spokeswoman Macleod. Barclays, meanwhile, has until the middle of September to decide if it will claim part of Lehman’s collection.

Meanwhile, Lehman has chosen Philadelphia-based Freeman’s Auctioneers to sell more than 650 pieces of art, including works by artists William Kentridge, Roy Lichtenstein, and Arturo Herrera. The art ranges in price from $1,000 to $40,000.

“It’s been generating lots of interest,” said Thomas McCabe, Freeman’s marketing director. “It has to do with the fact that it’s from Lehman’s collection.”

It’s unclear how much corporate artwork is worth in this economy. January Sarasohn, president of the Art Consultants Group in New York, said the recession—or a company’s history—may not play a big role in art valuation.

“Art pretty much maintains its value,” said Sarasohn. “It doesn’t make a difference that it’s from a bankrupt company.”

Not every financial institution that has recently inherited art plans on selling, though, despite banks’ drought of capital. Many of the banks that have large art collections or have recently inherited art from other banks have also accepted billions of dollars in government funds.

Bank of America, which bought Merrill Lynch last year, looked into selling its extensive art collection, which purportedly encompasses thousands of pieces of artwork. The bank has received $45 billion in Troubled Asset Relief Program (TARP) funds, but said recently it could pay it back as soon as the end of this year. Ultimately, Bank of America opted not to sell its collection and instead has used some of it in a traveling show, according to spokeswoman Diane Wagner.

Similarly, Wells Fargo, which took $25 billion through TARP, is not planning to sell its art collection, spread across offices in San Francisco, Houston, and Los Angeles, said spokeswoman Mary Beth Navarro. The company bought troubled bank Wachovia last year, inheriting art as part of the purchase. The company declined to disclose the extent of its collection or its value.

“We feel like it’s a valuable asset both to our company and throughout the community,” Navarro said.