Lehman CEO Puts Art On The Block
The fallout from the big spenders that were part of Lehman Brothers continues. Blogging Stocks leads us to an article in the Wall Street Journal on the art sales of chairman and CEO Dick Fuld. Fuld and his wife Kathy have been avid collectors of modern art for years. Now some of their collection will be sold at Christie's as part of their modern art sale on November 12, during the New York fall auction season.The piece above "Study for Agony I" by Arshile Gorky is one of 16 postwar drawings owned by the Fulds that have been consigned. It is estimated at $2.8 million. The estimated total is between $15 and $20 million and the WSJ reports that the sale is guaranteed meaning that the Fulds will receive money whether the pieces sell during the auction or not.
Fuld's net worth has fallen along with Lehman's stock prices but his savvy collector wife might be bringing him a nice profit. Kathy Fuld is a a longtime collector and Museum of Modern Art trustee with an eye for the undervalued pieces. A piece the couple is selling Willem de Kooning's 'Woman' is estimated to bring in up to $4 million at Christie's in November and sold for half that in 2001.
Don't feel too sorry for the Fulds they still have enough art to fill their homes which include a Greenwich, Connecticut mansion, a Park Avenue co-op and a Sun Valley, Idaho vacation home.
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