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
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)
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(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.