And by everybody, we of course mean the great hedge-fund art collectors, the answer is Miami. First, because it’s a lot less shitty, weather-wise, down there than it is in the greater Greenwich metropolitan area, and second, because it’s Art Basel’s winter sojourn from its namesake city, which is also very, very cold right now.
Skyrocketing prices be damned: Retired hedge fund manager/full-time buyer of and pontificater on art Howard Rachofsky says there’s never been a better time to buy a few canvases, provided you’ve already got places on land, at sea and in the air, have a desire to show up your friends and aren’t interested in the stuff […]
Time was, Steve Cohen told the Feds where they could go. No matter how much heat they put on him, the Big Guy would not burn. If they wanted to relentlessly circle him in an attempt to find evidence of insider trading, that was fine by Steve. But he wasn’t going to act like he gave a rat’s ass and he certainly wasn’t going to wilt under the scrutiny or draw the blinds at Casa Cohen and curl up in a ball to cry. This time two years ago, despite SAC receiving a subpoena from the government, the FBI raiding the firms of several former SAC employees, and an analyst being asked to wear a wire while chatting him up, Cohen not only hopped on a private plane to attend Art Basel, but he did so with a smile on his face. (“Cohen,” the Journal reported, was in “jovial spirits and eager to chat about his fresh art acquisitions,” which included a “large-scale map of the world made from tin cans” that he bought in the first five minutes of the fair opening.) And while one could argue that the heat on Steve has been cranked up quite a bit more since then, we assumed he was dealing with it in typical Steve fashion, and would make it to Miami like always. So it was particularly troubling to hear this: