Jewish Hedge Fund King Steven Cohen Buys Famed Picasso Painting for $155M
Image by 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 by 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.
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.
Now more than ever, American Jews need independent news they can trust, with reporting driven by truth, not ideology. We serve you, not any ideological agenda.
At a time when other newsrooms are closing or cutting back, the Forward has removed its paywall and invested additional resources to report on the ground from Israel and around the U.S. on the impact of the war, rising antisemitism and the protests on college campuses.
Readers like you make it all possible. Support our work by becoming a Forward Member and connect with our journalism and your community.
Make a gift of any size and become a Forward member today. You’ll support our mission to tell the American Jewish story fully and fairly.
— Rachel Fishman Feddersen, Publisher and CEO
Join our mission to tell the Jewish story fully and fairly.
