How fortuitous is it that Richard Fuld, ex-Lehman Bros CEO and chairman and his wife Kathy put their art collection in the hands of Christie's with a guaranteed price of $20 million back in September? The Guardian called this deal "remarkable" because the guarantee ensures that even if the art market has tanked and the auction fails to deliver that much the Fulds will get their $20 million anyway.
The auction, which includes three Willem de Koonings and an Ashille Gorky appropriately entitled Agony, is going ahead as I type.
Wednesday, November 12, 2008
Remarkable
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