Kathy Fuld, the wife of Lehman Brothers CEO Richard Fuld, will sell $20 million worth of her art collection at auction in November.
Christies International announced that they would sell the works only four days after Lehman Brothers announced bankruptcy but did not give the name of the seller. Two New York art houses confirmed that it was in fact the wife of the CEO of the defunct bank.
Among the abstract drawings that Kathy Fuld will sell on November 12 is William de Kooning’s mixed media "Woman" (pictured) which might sell for as much as $4 million. Some of the other works for sale are by Barnett Newman, Arshile Gorky and Agnes Martin.
The Fuld family lost much of their stock assets after Lehman Brothers declared bankruptcy on September 15. William Fuld sold Lehman stocks that were worth $247 million a year and a half ago for under $500,000 after the bank’s collapse.
Kathy Fuld has a larger collection which includes works by Jackson Pollock and Brice Marden. Art, it seems, is a safer investment than American banks.
Source: Bloomberg