Menu
Jewish Hedge Fund King Steven Cohen Buys Famed Picasso Painting for $155M

Jewish Hedge Fund King Steven Cohen Buys Famed Picasso Painting for $155M

Image: wikipedia

Hedge fund manager Steven A. Cohen has bought a famous Picasso painting from casino mogul Steve Wynn for a record price, according to a report in the New York Post on Tuesday.

Image: wikipedia

Cohen, who runs $15 billion hedge fund firm SAC Capital Advisors, purchased “Le Rêve,” a 1932 oil painting of Picasso’s mistress, for $155 million, the New York Post said, citing an unnamed source.

The Post reported it is the highest price a U.S. collector ever paid for an artwork.

Cohen and Wynn, who are both billionaires and well-known art collectors, have a history with this particular Picasso painting.

In 2006, Wynn put his elbow through the canvas of “Le Rêve” while showing it to several friends, reportedly a day after agreeing to sell it to Cohen for $139 million, several media outlets reported at the time.

Cohen’s reported acquisition of “Le Rêve” comes as his firm continues to face regulatory scrutiny as part of a multiyear federal insider trading probe that has ensnared nine former SAC employees. Earlier this month, SAC Capital agreed to pay a record $616 million fine to settle two lawsuits, the largest-ever U.S. insider trading settlement.

A spokesman for Cohen declined to comment. A spokesperson for Wynn, the chief executive officer of Wynn Resorts Ltd , did not respond to a request for comment.

Written by

Reuters

Your Comments

The Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. In the interest of maintaining a civil forum, The Forward requires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not and will be deleted. Egregious commenters will be banned from commenting. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and the Forward reserves the right to remove comments for any reason.

Next article

Recommend this article

Jewish Hedge Fund King Steven Cohen Buys Famed Picasso Painting for $155M

Thank you!

This article has been sent!

Close