The Fulds' Art Goes Under the Hammer
It will be a big night for disgraced Lehman CEO Dick Fuld and his wife Kathy: The couple's collection of postwar drawings goes up for auction at Christie's this evening. The Fulds reportedly made arrangements to sell the pieces over the summer—and the auction house gave them a $20 million guarantee, a decision it probably now regrets—although news of the sale emerged four days after the investment bank went bust. Works by Willem de Kooning, Barnett Newman, Arshile Gorky, and Agnes Martin will be available to those who still have a few million to spare (and who aren't too deterred by the Fulds' bad mojo). Meanwhile, some of the art that Dick once enjoyed seeing on the walls of Lehman Brothers will also be coming to market in the near future: The bankrupt bank is selling $8 million worth of pictures currently languishing in warehouses in New York and Paris.