The bankrupt investment bank Lehman Brothers wants to sell at least $8m (�5.2m) worth of the art collection that once decorated its offices. The news comes as $20m of postwar art, put up for sale by the former Lehman boss Richard Fuld and his wife Kathy, goes on the block tonight at Christie's in New York.
The sale of drawings from the Fulds' collection, including three Willem de Koonings, was announced a few days after Lehman declared bankruptcy in September. The Fulds still own a sizable art collection and five homes, including a $21m Manhattan apartment. Kathy Fuld is a well-known modern art collector and a trustee of New York's Museum of Modern Art.
The Fulds' sale also includes 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 $4m. His drawing Two Women could raise up to $3m. The pieces will be auctioned in Christie's evening sale at the Rockefeller Plaza.