auctions

Earlier this week, an anonymous veteran of the hedge fund world took to eBay to list the fleeces he’d picked up as an employee of several hedge funds that either have been or will soon be consigned to the scrap heap of corporate history: SAC Capital, SAC subsidiary Sigma Capital, Quadrum Capital, and Stratix. Seller “madinny” started the bidding at $1,500 for the entire lot, and then sat back and waited for the offers to roll in. Unfortunately, it appears that no one, not even the foremost collectors of hedge fund swag among us, would bite. So he did what any guy trying to unload Wall Street memorabilia at an admittedly steep price would do: He rummaged through his closet and came up with a couple items to sweeten the deal. Read more »

  • 06 Jan 2014 at 12:20 PM

SAC Fleeces! Get Yer SAC Fleeces!

Want to cloak yourself in a piece of history? Freezing your ass off and simply need some extra layers? Looking for a great gag gift for your buddy Richard Choo-Beng Lee? Trying to find costumes for your one-man community theater production of Temptress, Thy Name Is Black Edge? Desperately seeking something to wear that’s guaranteed to get you out of Martoma jury duty tomorrow? Consider today your lucky day. Read more »

  • 31 Oct 2013 at 2:49 PM

Steve Cohen Is Selling Some Art For No Reason

Mr. Cohen is now parting with about $80 million worth of blue-chip art at the important auctions that begin next week at Sotheby’s and Christie’s. It is the largest single group of artworks he has sold at one time and includes top examples of paintings and sculptures by Brice Marden, Rudolf Stingel and Cy Twombly, along with previously reported Warhols and a Gerhard Richter. “We’re in a robust market, and we are actively managing the collection,” said Sandy Heller, his longtime art adviser…Lawyers for SAC and federal prosecutors are putting the final touches on a settlement that, in addition to the guilty plea, will include an agreement for the fund to stop managing money for clients as well as to pay penalties of about $1.2 billion. Combined with $616 million in government fines assessed this year in two related civil cases, SAC will have paid penalties of more than $1.8 billion. Because Mr. Cohen owns 100 percent of SAC, that money will effectively come out of his pocket. People close to Mr. Cohen, who were not authorized to speak, say that the art sales from his fabled collection are not an effort to raise money for his mounting fines and legal fees. Even after his fines are paid, Mr. Cohen will still have billions of dollars in the bank. [NYT]

  • 18 Sep 2013 at 2:05 PM

Joe Gregory Needs Your Help

Remember Joe Gregory? Former Lehman Brothers president? Used to commute to the office from Long Island via helicopter? Was publicly dressed down by Dick Fuld on at least one occasion for leaving the house wearing a hideous green suit? He voluntarily resigned in June 2008, and since he technically wasn’t on site when the firm bit the big one, felt he was entitled to $233 million in back pay. And yet, despite filing a claim for his money over four years ago, has seen not one dime! Presumably the estate will get to his case soon (Gregory’s claim remains outstanding, so there’s still hope) but in the meantime, Big G’s gotta put food on the table. He put his 15,000-square-foot home on the market last year for $22 million and now is holding a fire sale of all his furniture. Read more »


As those of you familiar with the mating, social, and land-acquiring habits of the uber-rich know, when it comes to Hamptons real estate, this subset of the population holds two guiding principles close to its heart: one, thou shall not block my view, and two, I don’t cross other people’s properties to get to the beach. This isn’t Daytona. Marc Helie knows what we’re talking about. Read more »

Waxing nostalgic for the dearly departed brokerage firm? Don’t have any connection to the place or sentimental feelings for it whatsoever but in need of a new wardrobe? You’re in luck. An online auction of MF Global “memorabilia” is being held through Wednesday and all shit must go! Read more »

  • 28 Jun 2012 at 2:37 PM

Do You Let Your Watch Talk For You?

And if so, do want to wear one that says “I love UBS and I don’t care who knows it” but unfortunately do not work for the bank and therefore were not given a timepiece that says just that? Do not despair. Read more »

…Although Warren Buffett hired the hedge fund manager who won the last two private lunches with him that are part of an annual auction, he doesn’t expect the event to become a recruiting tool for Berkshire Hathaway. Rather, Buffett says it’s miraculous that he found one of Berkshire’s two new investment managers through the lunch. He offered Ted Weschler a job after he’d paid nearly $5.3 million over two years to dine with Buffett. “We’re perfectly situated now in respect to money managers,” Buffett told the Associated Press. Besides Weschler, Buffett has also hired Todd Combs to eventually oversee the company’s investments when the 81-year-old Buffett is gone as part of Berkshire’s succession planning. [AP]