Wednesday 21 March 2018

Hedge fund manager Cohen buys Picasso painting for $155m

HEDGE fund manager Steven A. Cohen has bought a famous Picasso painting from casino mogul Steve Wynn for a record price, according to a report in the New York Post on Tuesday.

Cohen, who runs $15bn hedge fund firm SAC Capital Advisors, purchased "Le Rêve," a 1932 oil painting of Picasso's mistress, for $155m (€120m), the New York Post said, citing an unnamed source.

The Post reported it is the highest price a U.S. collector ever paid for an artwork.

Cohen and Wynn, who are both billionaires and well-known art collectors, have a history with this particular Picasso painting.

In 2006, Wynn put his elbow through the canvas of "Le Rêve" while showing it to several friends, reportedly a day after agreeing to sell it to Cohen for $139m, several media outlets reported at the time.

Cohen's reported acquisition of "Le Rêve" comes as his firm continues to face regulatory scrutiny as part of a multiyear federal insider trading probe that has ensnared nine former SAC employees. Earlier this month, SAC Capital agreed to pay a record $616m fine to settle two lawsuits, the largest-ever U.S. insider trading settlement.

A spokesman for Cohen declined to comment. A spokesperson for Wynn, the chief executive officer of Wynn Resorts Ltd , did not respond to a request for comment.

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