Steve Cohen Bought Himself A Little Pick-Me-Up

As you may have heard, the last number of months have been a bit tough on hedge fund manager Steve Cohen. In November, one of his former employees, Mathew Martoma, was accused of orchestrating “the most lucrative insider trading scheme ever,” in a criminal complaint in which Cohen was referenced as Portfolio Manager A. A week later, the Times lopped 21,000 square feet off his house. Earlier this month, he had the pleasure of setting the record for the largest insider trading fine ever, at $614 million, a sum that does not even put this whole thing behind him, as the settlement “doesn’t preclude the Securities and Exchange Commission from pursuing Cohen himself in the future.” So you’ll excuse the Big Guy if he felt the need to indulge in a little retail therapy recently.

Steven A. Cohen, whose SAC Capital just settled two insider-trading lawsuits with the government for $616 million, has bought himself a gift — Picasso’s “Le Rêve” for $155 million, Page Six has exclusively learned. Billionaire Cohen secretly bought the masterpiece from Vegas mogul Steve Wynn, who famously put his elbow through the 1932 painting of Picasso’s mistress, creating a six-inch tear. The price is estimated to be the highest ever paid for an artwork by a US collector — and it’s even more impressive because Wynn had previously agreed to sell the masterpiece to Cohen for $139 million in 2006, but accidentally tore the painting the following day.

A source told Page Six, “Steve bought ‘Le Rêve’ as a gift to himself. This was supposed to be a top- secret sale because of the government investigation and settlement.”

EXCLUSIVE: SAC’s Cohen buys $155M Picasso after settling trading probe [NYP]
For Cohen, A Big Art Deal [Dealbook]

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13 Responses to “Steve Cohen Bought Himself A Little Pick-Me-Up”

  1. Guest says:

    When asked about the repair Cohen added, "only a dedicated art aficionado would remember that the original ‘Le Rêve’ did not have a band-aid on her arm."

  2. Guest says:

    Stevie: I want you to draw me like one of your French girls……

    Courtroom Artist: …

  3. Buford says:

    "This was supposed to be a top- secret sale".

    So were the Elan and Wyeth ones.

  4. Cayman Islander says:

    Oh, crap. I shouldn't have said it was a secret … Oh, crap. I certainly shouldn't have said it was illegal.

  5. guest says:

    The roundest guys are the biggest fans of Cubists.

  6. The Money Team says:

    Where are his clients Le Reves? Oh, wait. ~30% returns….never mind

  7. Guest says:

    I've got a couple old SI Swimsuit mags from the early 90's with Kathy Ireland on the front he can buy. I accidentally put my cock through all of them.

    -Lil Wynne

  8. Guest says:

    Future CFA Question:

    Portfolio Manager A can make a major art purchase in year one for $139mm. Alternatively, he can wait 6 Years and make the purchase for $155mm. Assuming his portfolio appreciates at 30% per annum, which option should he choose?

  9. Fewdollarsmore says:

    'Here is another $16M for that tear from your elbow,' said Steven Cohen, 'It is not the first tear in the SAC fabric.'
    Steve Wynn replied, 'Deal! I'm sure it would not be your first dick-rubbing-against-a-nose either.'

  10. The truth says:

    Stevie and the boys are only up 3% S&P up 10%. Funny how when your "edge" goes bye bye the true colors of your performance surface. I hope they take that prck down.