Lehman’s art collection to hold value, unlike their stock

At least we know that the value of Lehman’s corporate art collection will hold its value. We certainly can’t say that about Lehman Brothers stock.  For corporate art collectors, Lehman’s collection of 3,500 works of art is to go on the auction block!  If you are in the market for a Gorky, de Kooning or Newman, now is the time! 

Will this expected $20 million go to paying secretaries, investors, or anyone else hurt in the scandulous ruin of Lehman?  If the art was purchased as corporate art, by the company, the Fuld’s have no right to reap the rewards.  Perhaps Mrs. Bush needs to decorate the halls of the Whitehouse with some fine, and rather haunting, contemporary art? 

Kathleen Fuld, trustee of MoMA–and wife of beleaguered Lehman Brothers’ CEO Richard Fuld–recently announced that she will be auctioning 16 works of post-war and contemporary art through Christie’s on November 12th, following a related report  (covered by AO) that Lehman may sell some or all of its 3,500-work corporate collection.

The Fulds make regular appearances on ARTNews list of Top 200 collectors, and have been collecting since the 1980s, focusing mostly on drawings and studies that yield insight into the artists’ creative process. The auction will include drawings from the likes of Barnett Newman, Arshile Gorky, Willem de Kooning and Agnes Martin, and is expected to raise $15 to $20 million.

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