Hedge Fund Manager Buys $155 Million Picasso

Cohen pays top dollar for Le Rêve

   

Hedge Fund Manager Buys $155 Million Picasso

la reve Hedge Fund Manager Buys $155 Million PicassoBillionaire hedge fund manager Steve Cohen just dropped a big chunk of change on some art.

Cohen — who manages SAC Capital — paid Las Vegas casino owner Steve Wynn $155 million for Picasso’s Le Rêve, reports The New York Times.

Spending that much money at this time is an interesting move by Cohen. SAC Capital just agreed to pay $616 million to settle an insider trading lawsuit brought by the federal government. While Cohen has not been charged in the case, at least nine SAC employees were involved in the trading scandal, four of which had already pleaded guilty.

Cohen is known for his love of art. He already owned pieces by Matisse, Pollock, Monet and Manet. His acquisition of the Picasso is thought to be the most expensive ever for a U.S. collector.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/03/hedge-fund-manager-buys-155-million-picasso/.

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