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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Steve Cohen Buys Picasso Piece for $155M

Mar 26, 2013
Jing Chen

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.

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