Billionaire Trader Buys Picasso Masterpiece for $155 Million

  • March 27, 2013 22:45

  • Email
Picasso's La Reve, 1932, was purchased for $155 million by hedge fund owner Steven A. Cohen.
2013 Estate of Pablo Picasso/Artists Rights Soc...

Long coveted by billionaire trader Steven A. Cohen, Picasso's iconic “Le Rêve” is now his to keep, and only two weeks after his hedge fund SAC Capital Advisors agreed to pay the government $616 million in a settlement over insider trading accusations.

An unnamed source with knowledge of the sale says that Cohen purchased the prized Picasso from casino mogul Stephen A. Wynn for $155 million. The price would place it among the world's most expensive private art sales.

Cohen, who owns artworks by Pollock, Manet and Monet as well as contemporary artists such as Damien Hirst, is worth $9.5 billion, according to the Bloomberg Billionaires Index.

He has denied any wrongdoing in regards to the government's case against SAC.

“Le Rêve” is Picasso’s 1932 rendition of his mistress and muse Marie-Thérèse Walter asleep in an armchair. Cohen wanted to buy it from Wynn in 2006, for $135 million, but the deal fell through after Wynn put his elbow through the canvas. Wynn, who has an eye disease, had the work repaired by a professional art restorer.

The New York Post originally reported the Picasso sale.

Read more at New York Times

  • Email


More News Feed Headlines

Chinese landscape paintings created by (a) human artists, (b) baseline models (top painting from RaLSGAN [9], bottom painting from StyleGAN2 [13]), and two GANs, (c) and (d), within proposed Sketch-And-Paint framework.

Human Evaluators Fooled By Princeton Student's AI Generated Chinese Paintings

  • Synched / December 1st, 2020

A college student's thesis work has made strides in machine-original art generation — at least in artistic styles ...

The Glass House

Take a Virtual Tour of Philip Johnson's The Glass House in Connecticut

  • The Glass House / December 1st, 2020

The Glass House has launched Texture + Transparency, a series of six free virtual tours that offer an exploration of ...

A bird's eye view of the Melbourne Arts Precinct from Southbank Boulevard facing north (artist impression) .  HASSELL + SO - I L

What Does a Billion-Dollar Government Investment in the Arts Look Like? Sneak Peek Melbourne's Reimagined Arts Precinct

  • ArtfixDaily / December 1st, 2020

Australia’s National Gallery of Victoria (NGV) will build a new gallery to present Australian and international ...

Polly Jane Reed, A Type of Mother Hanna’s Pocket Handkerchief, 1851.  Ink and watercolor on paper, 23 5/8 x 26 inches.  Collection of Hancock Shaker Village, Pittsfield, MA.

Anything but Simple: Shaker Gift Drawings and the Women Who Made Them

  • ArtfixDaily / November 30th, 2020

As a part of its 2020/20+ Women @ NBMAA initiative, The New Britain Museum of American Art (NBMAA) in Connecticut is ...


Related Press Releases

Schwenke Auctioneers - Shagbark Farm Collection - Dec 6

ARTFIXdaily Artwire