We’re pretty tired about hearing how the bankruptcy of Lehman Brothers somehow wrecked the market. But here’s a loss that we can actually understand: Christie’s just lost more than six million dollars and it’s all Dick Fuld’s fault.
“Looks like Christie’s is out $6.5 million. At auction last night, Richard and Kathy Fuld’s collection of drawings failed to reach the $20 million that Christie’s had guaranteed the couple. The sixteen works fetched just $13.5 million, in keeping with the lackluster response to many other lots on the block.”
And everyone said Fuld wasn’t properly hedged. It looks like he had a gigantic put on the art market.
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