By Sean Ballent
Richard Fuld, former boss of the bankrupt investment bank Lehman Brothers took another hit Wednesday night at New York’s Christie’s auction house. Fuld initially expected to sell his 16 post-war drawings which highlighted three pieces by Willem de Coonings, five Barnett Newmans, four Arshile Borkys, and four Agnes Martins for an estimated $15 million to $20 million. The return fell way short, selling separately for just over $13.5 million.
The lackluster results of Fulds’ sales closely mirrored the rest of the auction. Although hundreds packed the Christie’s showroom, paddles were slow to be raised. More than half of the 75 pieces on the block failed to meet their auction targets, Christie’s officials said.
Fuld who had led the Lehman firm for 15 years and worked there for nearly 40, is just another in the growing club of CEOs that have seen their investment banks fall due to the subprime housing meltdown. Most of Lehman’s operations were purchased by U.K.-based Barclays, but unlike other banks, holders of Lehman were left with pennies on the dollar.