Lehman CEO's Art Collection Goes Up for Sale

Richard Fuld's wife puts $20M in prized drawings on the block

By Rob Quinn, Newser Staff

Posted Sep 27, 2008 9:16 AM CDT

(Newser) – A $20-million collection of abstract expressionist drawings belonging to Lehman boss Richard Fuld and his wife is to be sold by Christie's, Bloomberg reports. Fuld's net worth has taken a whack with the collapse of Lehman stock; the sale, which includes 3 de Koonings, was anounced 4 days after the company declared bankruptcy. Kathy Fuld is a well-known modern art collector and MoMA trustee.

The Fulds still own a sizeable art collection and 5 homes, including a $21-million Manhattan apartment. Fuld isn't the only former Wall Street hotshot parting with prized possessions as companies crumble—Lehman president Joe Gregory has had to sell the helicopter he used to commute to work, sources tell the Wall Street Journal.

Richard Fuld's wife's prized art collection is to go up for auction. It includes rare Abstract Expressionist drawings by Willem de Kooning. (Getty Images)

A painting of Lehman Brothers' CEO Richard Fuld is displayed by the artist Geoffrey Raymond outside the Lehman Brothers building in New York, Tuesday, Sept. 16, 2008. (AP Photo/Seth Wenig)

Lehman Brothers Holdings Inc. Chairman and Chief Executive Officer Richard Fuld, Jr., takes part in a news conference at the National Press Club in Washington, Monday, Jan. 22, 2007. (AP Photo/Kevin Wolf)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Major Works Fail to Sell at Christie's

Dismal auction season continues as Bacon fails to find buyer

(NEWSER) - The art world bust continued last night at the Christie's contemporary auction in New York, where almost a third of the 75 works on the block went unsold. Not a single collector bid for the highlight of the sale, a self-portrait by Francis Bacon estimated to sell for around $40 million, Bloomberg reports. And in a sign of the times, a collection of 16 drawings put up by the CEO of bankrupt Lehman Brothers sold for just $13.5 million, below the low estimate. More»

Carla Nude Pic Fetches $91K at Christie's

1993 portrait of Sarko's wife goes for 20 times expected price

(NEWSER) - Sarkozy isn't the only one who gets to see his wife in the buff: a collector paid $91,000 for a photograph of a naked Carla Bruni at Christie's today. The auction house expected Michel Comte's 1993 portrait of the French first lady to sell for no more than $4,000, AFP reports. Brigitte Bardot, however, was the auction's big winner: Richard Avedon's photograph of the French star fetched $181,000. More»

London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

(NEWSER) - London became the hottest art market in the world last year, eclipsing New York, but the recession is putting the squeeze on auction houses, the Wall Street Journal reports. Last year’s influx of foreign money has dried up, and sellers are keeping a firm hold on their most desirable pieces. Not only are the auction houses’ offerings meager, but their prices have fallen. More»

Modest Success at Christie's Cheers Art World

Hockney breaks record as auction house sells $93.7M

(NEWSER) - Christie's contemporary auction in New York last night went better than expected, selling $93.7 million worth of postwar art—double the result of its rival Sotheby's the night before. The top lot was a 12-foot panorama by British painter David Hockney, which sold for $7.9 million, a record for the artist. But while the art world was cheered by last night's result, a recovery is still far away; at last year's spring sale, Christie's sold more than three times as much. More»

Strapped Art Market Preps for Auctions

Expectations low as auction houses try variety of tactics

(NEWSER) - After a 7-year boom, art auction houses are struggling as collectors hit hard by the recession close their wallets. Sotheby’s predicts it will pull in $179 million to $256 million at spring sales, compared to $742 million a year ago. As the spring events approach, auctioneers are employing an array of strategies to restore the market, the Wall Street Journal reports. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Lehman CEO's Art Collection Goes Up for Sale

Richard Fuld's wife puts $20M in prized drawings on the block

OTHER STORIES ON OUR RADAR

art • Christie's • Lehman Brothers • art collector • art auction • Richard Fuld

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Major Works Fail to Sell at Christie's

Dismal auction season continues as Bacon fails to find buyer

Carla Nude Pic Fetches $91K at Christie's

1993 portrait of Sarko's wife goes for 20 times expected price

London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

Modest Success at Christie's Cheers Art World

Hockney breaks record as auction house sells $93.7M

Strapped Art Market Preps for Auctions

Expectations low as auction houses try variety of tactics

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Lehman CEO's Art Collection Goes Up for Sale

Richard Fuld's wife puts $20M in prized drawings on the block

Bookmark & Share

OTHER STORIES ON OUR RADAR

art • Christie's • Lehman Brothers • art collector • art auction • Richard Fuld

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Major Works Fail to Sell at Christie's

Dismal auction season continues as Bacon fails to find buyer

Carla Nude Pic Fetches $91K at Christie's

1993 portrait of Sarko's wife goes for 20 times expected price

London Art Market Feels a Chill

Lack of once-plentiful foreign cash hurts auctioneers

Modest Success at Christie's Cheers Art World

Hockney breaks record as auction house sells $93.7M

Strapped Art Market Preps for Auctions

Expectations low as auction houses try variety of tactics

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?