Hedge fund manager Cohen buys Wynn's Picasso for $155 million: report

Tue Mar 26, 2013 10:49am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

NEW YORK (Reuters) - 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 $15 billion hedge fund firm SAC Capital Advisors, purchased "Le Rêve," a 1932 oil painting of Picasso's mistress, for $155 million, 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 $139 million, 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 $616 million 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.

(Reporting by Katya Wachtel; Editing by Lisa Von Ahn)

 
Hedge fund manager Steven A. Cohen, founder and chairman of SAC Capital Advisors, responds to a question during a one-on-one interview session at the SkyBridge Alternatives (SALT) Conference in Las Vegas, Nevada May 11, 2011. REUTERS/Steve Marcus