Numerous works of art that adorned the offices of Lehman Brothers, the collapsed investment bank and some of its corporate memorabilia are to be sold at auction by Christie’s in London next month.

PwC, administrators to Lehman’s UK and European arms said that the September sale is expected to raise about £2m and is timed to be close to the second anniversary of the bank’s downfall in 2008.

The collection includes modern art – Gary Hume’s Madonna (estimated to sell at £70,000 to £100,000) and a signed etching by Lucian Freud are among the highlights and works such as The ship Frankfield off Table Bay by Samuel Walters.

The auction is the corporate sign from the bank’s Canary Wharf offices (estimate £2,000 to £3,000) and the commemorative plaque from the 2004 opening of those offices by Gordon Brown, then chancellor of the exchequer (estimate £1,000 to £1,500).Tea caddies, cigar boxes and Chinese ceramics are also in the sale.

The most valuable piece, Andreas Gursky’s New York Mercantile Exchange 1991 photograph (estimate £100,000 to £150,000) is being sold in a separate auction in October. The sale proceeds will be tiny in relation to the more than $600bn (£376bn) owed by Lehman at its collapse.

Hedge funds whose money had not been properly ring-fenced when the bank failed won a court ruling in London to share client funds adding up to $2bn.

A similar sale of 450 modern artworks will take place in the US on September 25, which could raise as much as $10m (£6.3m). The banks founders had been collecting art since the 19th century.

The sums PwC hopes to raise at auction are still dwarfed by the $613m owed by Lehman. The bankruptcy of what had been one Wall Street's biggest names caused a crisis of public confidence in the banking sector and paralyzed financial markets.