In December 2004, the art collection of Daniel Fraad and wife, Rita, went up for public auction at Sotheby's in New York. Since almost every collector was at the auction, no one could figure out who on the phone was bidding such high prices. It was later discovered that Walton purchased at least $20 million worth of art that day. She bid for most of the items while on a three-year-old gelding named IC LAD preparing to compete in the first qualifying round of the National Cutting Horse Association Futurity at the Will Rogers Coliseum in Ft. Worth, Texas.[7]