Art experts familiar with the collection of billionaire hedge fund manager Steven A. Cohen say that he will be selling some artworks at auction next month. Two Andy Warhols and a Gerhard Richter are among the offerings from Cohen's collection, say insiders who spoke with the New York Times. These works will be sold in Sotheby's contemporary art auction in New York.
With mounting legal fees and possible penalties to be paid as part of a settlement related to criminal insider trading charges brought against his fund, SAC Capital Advisors, Cohen has his lawyers working on a plea deal with the government.
The government has already offered SAC to resolve the case by pleading guilty and paying a penalty of almost $2 billion. Since the fund is 100 percent owned by Cohen, he would pay the penalty.
From the Cohen collection, Warhol's “Liz #1 (early Colored Liz),” is a 1963 image of Elizabeth Taylor on a bright yellow background which carries an estimate of $20 million to $30 million, and his “5 Deaths on Turquoise (Turquoise Disaster),” is estimated at $7 million to $10 million. Sotheby’s held a preview of the works last week at the Katara Art Center in Doha, Qatar.
In 2011, Cohen sold Warhiol's Liz #5 at Phillips de Pury for $26.96 million including the auction house’s fees.