Like Lehman Brothers itself, Dick Fuld’s art collection lost millions over the course of just a few days. After Christie’s guaranteed Dick and his wife Kathy that their collection would go for at least $20 million, the 16 drawings only managed to fetch $13.5 million when they were auctioned off last night. Ouch. We thought some collectors would want to own the fallen CEO’s art.
Cityfile: A 1964 self-portrait by Francis Bacon, estimated at $40 million, didn’t attract a single bidder. One of the Fulds’ drawings that fetched a decent price was an Arshile Gorky that Matthew Marks paid $2.2 million for, although that still barely hit the low estimate. But just so you know, it wasn’t as if there was any connection between Kathy Fuld selling the art and the spectactular downfall of her husband’s career. “I’ve been selling things for the past few years,” Kathy told a reporter recently. “But nobody cared until now.”
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