The wife of Lehman chief executive Dick Fuld, Kathy, is selling a $20 million set of rare Abstract Expressionist drawings at a November auction, Bloomberg is reporting. She put the art up for auction just four days after Lehman filed for bankruptcy.
Christie’s International, which is offering the works in New York on Nov. 12, declined to reveal the seller’s identity. The auction house announced the sale of the drawings, including three by Willem de Kooning, four days after Lehman filed the largest bankruptcy in U.S. history on Sept. 15. Two New York-based dealers who specialize in similar works said Fuld is the seller. They declined to be named.
Bloomberg reports that the Christie’s auction includes three Willem de Koonings, five Barnett Newmans, four Arshile Gorkys and four Agnes Martins. “De Kooning’s kinetic orange-haired 1951 “Woman” in graphite, charcoal, pastel and oil on paper is expected to fetch as much as $4 million,” according to Bloomberg.
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