Lehman's CEO consigns Postwar Art to Christie's

Christie's
Study for Agony I: Arshile Gorky (1904-48) estimated to sell for up to $2.8 million

Christie's
Willem de Kooning's 'Woman' estimated to sell for up to $4 million

In the wake of the bankruptcy of Lehman Br Holdings (OTC: LEHMQ), chairman and CEO Dick Fuld and his wife Kathy have begun selling off their prized collection of modern art.

The couple have consigned 16 post war drawings to Christies auction house.
The pre-sale estimation is $ 15 to $ 20 Million.
The auction house also confirmed the deal included a guarantee, an undisclosed sum promised to the seller whether or not the works sell.

The drawings will be shopped to potential bidders in Moscow and London before being offered Nov. 12 during the fall auctions in New York.

Kathy Fuld , a trustee at the Museum of Modern Art, and her husband, Richard S. Fuld Jr., the longtime chief executive of Lehman Brothers, which is now bankrupt live in Greenwich, Connecticut.
They also own a $21 million Park Avenue co-op, a home in Vermont, another one in Sun Valley, Idaho and in 2004 acquired a fantastic oceanfront property in Jupiter Island, Fl for only $ 13.75 Million.

The 16 drawings are mostly abstract and minimalist examples from the mid-century NY School of artist.

A Willem de Kooning's 1951 drawing of a nude woman titled "Woman," is estimated to sell at $ 4 Million.
Other works such as Agnes Martin could sell for $ 700,000, an untitled 1960 abstract from Barnett Newman could reach $ 2 Million and "Study for Agony I" ( 1946) by Arshile Gorky is estimated at $ 2.8 Million.


Via: The Wall Street Journal