Monday, 29 December 2014
Last updated 1 hour 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.