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]
