Hedge fund manager Steve Cohen is an expensive fan of artist Pablo Picasso.
The Daily Mail reported that Cohen, the founder of Connecticut-based SAC Capital Advisors, bought Picasso’s Le Rêve for $155 million—$16 million more than the price he initially agreed to.
The hedge fund manager first agreed to purchase the artwork from Las Vegas mogul Steve Wynn for $150 million in 2006, right before Wynn accidently tore a hole in the painting with his elbow. The painting has since been restored to its original state.
The article also said that the $155 price tag is estimated to the highest price ever paid for an artwork by a U.S. collector.
SAC recently agreed to pay more than $614 million to settle insider trading charges for two of its affiliates, CR Intrinsic and Sigma Capital Management.