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4 posts from September 2008

September 26, 2008

Lehman CEO's wife to sell $20 Million in Art....

Kathy Fuld, the wife of bankrupt Lehman Brothers CEO, Dick Fuld, is selling her Abstract Expressionist drawings at Christies in November.

It is just one of many examples, why the fate of the Art Market, and Wall Street are so closely linked.

Matsue_Cell40 MAO sadly has attended some very empty NYC art Charity events the last few weeks, one where the live auction was abruptly canceled due to the high potential for total embarrassment limited bidders.

As the Winkleman appointed reluctant leader of the Art Market Death Toll Cheerleaders, we unfortunately welcome our readers to the US Art Recession of 2008.

(Photo #1, by Taiji Matsue, Cell Photo 40EDI 2008, 19" x 19", 2008, edition of 5, c-print)

Here's the details of the Fuld story... from Lindsay Pollock of Bloomberg news.


Kathy Fuld, Wife of Lehman CEO, to Sell $20 Million of Artworks

2008-09-26 04:57:30.740 GMT By Lindsay Pollock

Sept. 26 (Bloomberg) -- Kathy Fuld, the art-collecting wife of Lehman Brothers Holdings Inc. Chief Executive Officer Richard Fuld, is selling a $20 million set of rare Abstract Expressionist drawings at a November auction, according to two art dealers.

Christie's International, which is offering the works in New York on Nov. 12, declined to reveal the seller's identity. The auction house announced the sale of the drawings, including three by Willem de Kooning, four days after Lehman filed the largest bankruptcy in U.S. history on Sept. 15. Two New York-based dealers who specialize in similar works said Fuld is the seller. They declined to be named.

``These kinds of drawings are extremely rare,'' said Amy Cappellazzo, co-head of Christie's Postwar and contemporary art department. ``The collector considers drawing as a primary art form.''

Richard Fuld earned $34.4 million in 2007 running the fourth-largest U.S. investment bank -- pay that lawyers said may be the target of lawsuits by creditors. He sold Lehman shares that were worth $247 million a year and a half ago for less than $500,000 last week after the stock price collapsed.

The Christie's auction includes the de Koonings, 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 $4 million.

The collection was assembled over a number of years, according to Cappellazzo, who said the seller first approached Christie's and rival Sotheby's about an auction in the summer.

Christie's completed the deal in August, she said. Fuld is well known in the art world for her passion for works on paper.

High-Level Buyer

``She buys at the highest level,'' said New York dealer Joan Washburn. ``If you have a great drawing, you offer it to her.''

Fuld is vice-chairman of the board of trustees at New York's Museum of Modern Art and has promised a number of artworks to the museum including works by Jasper Johns and Louise Bourgeois.

Phone calls and emails to the press offices of Lehman and MoMA seeking comment from Fuld were unanswered.

Among the drawings slated for sale is a 1946-47 Gorky drawing titled ``Study for Agony I,'' estimated to sell for up to

$2.8 million. The drawing is a study for ``Agony,'' a 1947 red and brown abstract painting owned by MoMA.

Newman's 1960 black-and-white ink-on-paper ``Untitled'' is expected to fetch up to $2 million. The same work sold at Sotheby's in New York in 1997 for $244,500, according to the Artnet pricing database. Billionaire Ronald Lauder is listed among prior owners in the 2004 Yale University Press ``Barnett Newman: a Catalogue Raisonne,'' a directory of the artist's output.

The Fulds lent two other Newmans to the artist's 2002 retrospective at the Philadelphia Museum of Art, curated by Ann Temkin, who was recently named MoMA's chief curator.

Larger Collection

Dealers say the works at auction are a small part of a larger collection which also includes contemporary artists such as Brice Marden. A New York dealer said a Jackson Pollock drawing owned by Fuld was offered for sale this summer at the Art Basel art fair held in June in Switzerland.

Since the Lehman collapse, Kathy Fuld has kept up her public appearances. Guests noticed her on Tuesday night at a farewell cocktail party at MoMA for retiring curator Kynaston McShine.

September 23, 2008

Artist Tara Donovan wins MacArthur Foundation Genius Award

Artist Tara Donovan wins the MacArthur Foundation Genius Award, story in today's New York Times.

Tara_Donovan-UntInk Life could not be better for artist Tara Donovan, her new retrospective is opening up at the wonderful

Boston ICA in just a few weeks.. and Today, she is one of the only visual fine artists to join in winning the $500,000 MacArthur Genius award. Congrats Tara!

(photo #1, Tara Donovan, Untitled, 2003,Ink on Paper, 6'H x 4' 11"W)

We've long been a fan of Tara's obsessive art work. Hello... of course!!

Tara_Danovan-UntCupsLABut, from the immediate OMG impact everyone has when first seeing her work, to the thoughtful attention to detail you come to appreciate once you spend some time with her creations... MAO thinks you will fall in total love with Tara Donovan's work.

(Photo #2, Tara Donovan, Untitled, 2003, Styrofoam Cups, Hot Glue, Dimensions Variable)

If you don't know Tara's work.. you really need to! There's a reason why she won the GENIUS AWARD!

Check her work out here..at the ACE Gallery Website.

Luckily, Monacelli Press has published a major new retrospective catalog for the show. A beautiful book, and it really illustrates how deep the breath of Tara's art work really has become. FYI, The Strand has them for only $35

Also for all you signed book junkies collectors, on November 12th, Tara Donovan and Lawrence Weschler will be appearing for a discussion about her work at Strand Books in NYC from 7 to 8:30pm.

Sadly.. while the show will be traveling to 4 museum in the USA, it will not be coming to any of the NYC museums. Like, don't they know NYC is the center of the contemporary art universe?

Our Loss!! MAO might actually have to get on a damn plane to go see this show!

September 11, 2008

MAO Art Buy of the Month - Edward Burtynsky at Blind Spot !

MAO Art Buy of the Month - Edward Burtynsky at Blind Spot !

OK... my little MAO-ettes...you better act quick..cause these will be sold out in a few days or maybe even hours.

Click here.. but you have to click the right arrow a few times to find it..

 BurtynskyRefne Edward Burtynsky

Oil Refineries, No 22, Saint John,

New Brunswick, 1999


Digital c-Print

16 x 20

Edition of 15

These were just posted a few minutes ago..and MAO already bought 4 !

(And NO..!! MAO didn't buy 4 of these Burtynsky prints.. but 4 from the new set of Bind Spot's 15th Anniversary Editions )

They also have totally amazing new prints from Stephen Shore, Roe Ethridge, Alec Soth, Richard Misrach, James Welling , Larry Sultan, and Katy Grannan in the 15th Anniversary Editions.. all at super deals, many at $900.  Even in this crashing US economy, These editions will not last long, so get them fast!!

September 02, 2008

David Humphrey and Sam Reveles work coming up at the DPA re:FORM Art Auction

David Humphrey and Sam Reveles work coming up at the DPA re:FORM Art Charity Auction.

The big charity auction is tomorrow, Wednesday, September 3rd at Cheim and Read Gallery from 6 to 9pm.  Buy your tickets here.

There's still time to get your tickets, and place absentee bids for the great works they have up for sale.

Check out the 55 amazing items up for auction.. including significant work by artist Andres Serrano, Josh Azzarella, Kara Walker, Fred Tomaselli,  Donald Baechler, Louise Lawler, and Julie Mehretu that MAO didn't get a chance to blog about!

But, two additional works we want to bring to the MAO readers attention to are by 2 our of our favorite artists who you might not know well.

HumphreyDavid_Alone The first is a whimsical painting by Sikkema Jenkins & Co. artist, David Humphrey.

We've always been impressed with David's provocative work.

His surreal paintings remind you of Koons, and Kenny Scharf but with an energized  style all his own.

David's works are in some super impressive collections, such as the NY Metropolitan Museum, and the Boston Museum of Fine Art.

(Photo #1, by David Humphrey,

Alone in the Tropics, 2006, Acrylic on canvas, 20 x 16 inches

Courtesy of the artist and Sikkema Jenkins & Co., New York, $2,800)

The Second work is by CRG artist, Sam Reveles. Sam's paintings are full of energy and motion. Your eyes can't help but be excited with his explosions of color and depth in many of his art work. MAO frequently thinks of them as Brice Marden paintings on speed!  Sam's last exhibition this year at CRG was a total sensory overload.

RevelesSam_wilderness_study Sam's work is also in some amazing museums, including The Whitney, The Saint Louis Art Museum, and the Dallas Museum of Art. 

(Photo #2, by Sam Reveles, Wilderness Study #9, 2006, Gouache and pencil on paper, 22 3/4 x 30 1/8 inches,  Courtesy of the artist and CRG Gallery , New York )

So MAO hopes to see you all at the event..

Please say hi. With all these generous artist donations it should be a great night!