Sunday, 29 March 2015
Last updated 1 day ago
Mar 19 2010 | 9:50am ET
SAC Capital Advisors founder Steven Cohen has built one of the most impressive private art collections in the world, rarely blanching at spending tens of millions of dollars to acquire iconic pieces. Now, the billionaire has added another one.
Cohen has bought one of Jasper John’s famed “Flag” paintings. The hedge fund manager reportedly paid $110 million for the canvas, one of the earliest and largest in the series. Other examples hang in the hallowed halls of the Metropolitan Museum of Art, Museum of Modern Art and Whitney Museum of American Art. The Met reportedly paid $20 million for its version in 1998.
Cohen’s latest treasure was purchased from Jean-Cristophe Castelli, son of John’s dealer, Leo Castelli, The New York Times reports. The painting has been on loan to the San Francisco Museum of Modern art for several years.
“I can confirm that Steve Cohen bought the ‘Flag’ painting,” Cohen’s art adviser, Sandy Heller, told the Times.
Another “Flag” is set to go on sale at Christie’s in less than two months.
If Cohen did pay $110 million, it’s not the first time he’s bought a painting for nine figures. In 2006, he bought a Willen de Kooning painting for $137.5 million. A year later, he paid $80 million for an Andy Warhol portrait of Marilyn Monroe.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…