Kmart Selling Off High-End Art from Headquarters

Kmart, one of the nation's top discount retailers, is selling off high-end art from its former corporate headquarters.

A rare Picasso tapestry and a 15th-century Chinese Ming Dynasty watercolor on silk are among works being sold from the corporate art collection at the former headquarters in Troy. The gallery includes more than 1,000 oils, photos, posters, tapestries and sculptures.

Also for sale are historic collectibles from its Science and Technology room including a work by Alan Bean autographed by more than 20 U.S. astronauts.

Most pieces of art can be bought immediately, while the high-end pieces will be sold through a bidding process from June through September. Each month will feature different styles and works.

Kmart and Sears combined in a $12.3 billion deal in March 2005 to form Hoffman Estates, Ill.-based Sears Holdings Corp (SHLD).

Madison Marquette, a Washington, D.C.-based developer, bought Kmart's headquarters in December. Its plans for the 40-acre suburban Detroit site include a luxury hotel, shops, upscale condos, offices and entertainment outlets.