Hedge Funds

Did Ken Griffin Treat Himself To A Picasso?

Maybe a little Giacometti, perhaps, with some of the $950 million he made last year?

New York’s spring auctions got off to a trotting, if not sprint-speed, start Tuesday as Christie’s sold $285.9 million worth of Impressionist and modern art….

Dealer Paul Gray, who buys for collectors like Citadel hedge-fund manager Ken Griffin, was the lone bidder on a $22.6 million Pablo Picasso portrait of the artist’s mistress from 1942, “Portrait of a Woman (Dora Maar)”. Mr. Gray swooped in to win after no one else appeared willing. The work was priced to sell for at least $25 million.

Mr. Gray also paid Christie’s $12.7 million for Alberto Giacometti’s “Woman of Venice IV”, outbidding dealer Bob Mnuchin for the bronze sculpture of a spindly woman. The Giacometti was expected to sell for $10 million to $18 million.

Christie’s Sells Monet to Chinese Collector for $27 Million [WSJ]
Christie’s NY has its best Impressionist, modern sale since 2010 [Reuters]
Christie’s First Spring Sale Drops Prices Back to Earth [NYT]