Item number: X45

Year: AD 2001

Material: Acrylic, Sand

Size: 60 x 50 mm

Weight: 86.11 g

Provenance: Private Collector, UK, 2025

This is an acrylic sand timer likely produced by Lehman Brothers for its “Tech Expo 2001” event, the object consists of a clear acrylic cylindrical casing containing fine blue sand, with printed inscriptions including “Lehman Brothers” and “Tech Expo 2001”.

The sand timer was likely issued as a promotional or commemorative item for a technology-focused event organised by Lehman Brothers in 2001. At this time, the firm was active in technology-sector investment banking during the late dot-com period and its immediate aftermath. Events described as “Tech Expo” were commonly used for internal showcases, client engagement, and sector networking.

Lehman Brothers was founded in AD 1850, originating from a small shop jointly owned by the brothers Emanuel and Meyer, which initially dealt with cotton, one of the most important agricultural products in the United States at the time. Over time, it grew into one of the four largest investment banks in the country before its bankruptcy. The triggering event that led to Lehman Brothers’ collapse was the subprime mortgage crisis in AD 2008. The subprime mortgage market emerged in the early 2000s as the U.S. real estate market boomed, with many individuals considered to have poor credit by banks entering the housing market. In response, banks and financial institutions introduced various “subprime mortgages,” which were lending options for those with bad credit, further stimulating the housing market. Meanwhile, these subprime mortgages were repackaged in the financial market as Collateralized Debt Obligations (CDOs), which bundled bonds of different credit ratings into structured financial products. These offered higher investment returns to attract buyers, creating a massive economic bubble.

In AD 2006, as the Federal Reserve continued to raise interest rates and lending standards changed, the real estate market began to cool down. Under these conditions, subprime mortgages faced delays in repayment and defaults, leading to the collapse of related lending financial institutions. The AD 2015 American film “The Big Short” portrays this period in detail.

On March 14, AD 2008, Bear Stearns, one of the leading financial institutions in the United States, declared bankruptcy, becoming the first domino to fall in the financial storm. Following this, Lehman Brothers, which had also heavily invested in collateralized debt obligations (CDOs) during the housing market boom, faced the risk of default and ultimately declared bankruptcy on September 15. The bankruptcy of Lehman Brothers triggered a global financial crisis, particularly affecting multinational banks and financial institutions with which it had dealings. This led to the collapse of the U.S. real estate market, soaring unemployment rates, and significant damage to European banks, which were forced to rely on assistance from the International Monetary Fund (IMF) and the European Central Bank (ECB).

物件編號: X45

年代: 公元 2001 年

材質: 亞克力, 沙子

尺寸: 60 x 50 mm

重量: 86.11 g

來源: 英國私人收藏 2025

這是一件應為雷曼兄弟為其「2001年科技博覽會」活動製作的壓克力沙漏。該物件由透明的圓柱形壓克力外殼構成，內含細緻的藍色沙粒，並印有「Lehman Brothers」及「Tech Expo 2001」字樣。

此沙漏推測為雷曼兄弟於2001年舉辦之科技主題活動所製作的宣傳或紀念品。當時，該公司於網際網路泡沫晚期及其後續時期，積極參與科技產業之投資銀行業務。「科技博覽會」此類活動通常用於內部展示、客戶交流及產業網絡之建立。

雷曼兄弟成立於公元1850年，從伊曼紐爾和邁爾兩位兄弟共同持有的小商鋪發跡，經手當時美國最為重要的農產品棉花，到最後成為破產前夕全美前四大的投資銀行規模。造成雷曼公司破產的引爆點是公元2008年的次級房貸危機，次級房貸是千禧年以後，隨著美國房地產市場的熱絡發展，許多在銀行眼中信用不佳的人也紛紛投入房市，各大銀行和金融機構紛紛推出不同的「次級房貸」，即提供信用不佳者的房貸方案，進一步活絡房地產市場。另一方面，這些次級房貸在金融市場被包裝為「債務擔保證券」(CDOs)，即包裹不同信用等級債券的延伸性金融商品，以較高的投資報酬率吸引投資者購買，形成龐大的泡沫經濟。

公元2006年，隨著聯準會持續升息和放貸標準改變，房地產市場逐漸降溫。如此的前提之下，次級房貸出現延遲還款和債務違約的危機，造成相關的放款金融業者逐一倒閉。公元2015年上映的美國電影《大賣空》正是描述這段經歷。

公元2008年3月14日，作為美國金融龍頭之一的貝爾斯登宣告破產，成為這場金融風暴第一張倒下的骨牌。隨後同樣在過去房市大好之際，提供大量債務擔保證券的雷曼兄弟也面臨違約的風險，最終於9月15日當天宣告破產。雷曼兄弟的破產引發全球性金融危機，尤其是許多跟其有金融往來的跨國銀行和金融機構，造成美國國內的房地產市場崩盤和失業率飆升，歐洲多國的銀行也受到重創被迫依賴「國際貨幣基金組織」 (IMF) 和歐洲中央銀行援助。