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Friday, September 26, 2008

Kathy Fuld, Wife of Lehman CEO, Dumps Art Portfolio

Kathy Fuld will be selling $20 million worth of art works. She is the wife of Richard Fuld, the CEO of Lehman Brothers, which filed for bankruptcy on September 15. Although her decision to auction off part of her art collection came only days after the fourth-largest investment bank in the U.S. failed, it's unlikely to be a matter of financial necessity, but it's always possible the Fulds need more liquidity to fund their extravagant lifestyle. Her husband took in $34.4 million as chief executive of Lehman in 2007.

As vice chairman of the board of trustees of the New York Museum of Modern Art, Kathy Fuld is an avid art collector, especially of drawings on paper. Christie's Internation, the London-based auction house, will handle the disposition of her set of Abstract Expressionist drawings, which include works by Willem de Kooning, Arshile Gorky, and Barnett Newman. Each individual piece is expected to fetch anywhere from $2 million upwards to $4 million.

Married to Richard in 1978, Kathy and her husband celebrated their 30th anniversary on September 24, less than 10 days after Lehman's collapse. They have three children named Jacqueline, Chrissie, and Richie.

Kathy Fuld's Expressionist Drawings

Woman by Willem de Kooning

"Woman" by Willem de Kooning

Untitled Work by Newman

Untitled Work by Newman

Study for Agony 1 by Gorky

"Study for Agony 1" by Gorky

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