Tags: a gift to himself, art, hedge fund managers, Le Rêve, Picasso, SAC Capital, Steve Cohen, The Stevie Files
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]