When the going gets tough, the rich go to auction.
Bloomberg reports today that Kathy Fuld, wife of Lehman CEO Richard Fuld, is unloading a $20 million set of drawings at a November sale.
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Four days after Lehman declared bankruptcy, Christie’s announced the sale of Abstract Expressionist drawings, including three by Willem de Kooning. Although the auction house did not identify the seller, Bloomberg reports that two New York dealers have named Kathy Fuld, who is vice chair of the Museum of Modern Art.
In a press release, Christie described the items as “a superlative grouping of master drawings of American post-war art from an important private collection.” The set includes works by Arshile Gorky, Agnes Martin and Barnett Newman, as well as de Kooning.
As one of the most highly paid executives on Wall Street, Fuld has become a prime target of those criticizing plans to rescue the nation’s financial system.
Richard Fuld received $34.4 million in compensation in 2007. The Fulds have an estate in Greenwich, CT, and last year paid $21 million for a co-op at New York’s exclusive 640 Park Ave.
More recently, the family has been selling off Lehman holdings that are almost worthless. Stock sold yesterday on behalf of the couple’s son and daughters traded at 14 cents per share.