Cohen To Sell Warhol Portrait Of Elizabeth Taylor

Mar 25 2011 | 11:59am ET

Once again, SAC Capital Advisors' Steven Cohen is showing the sort of investment acumen that has made him one of the most successful hedge fund managers of all time.

Cohen, who is also an avid art collector, will sell a 1963 Andy Warhol portrait of the actress Elizabeth Taylor, who died on Wednesday at the age of 79. The silk-screened image of Taylor on a blue background with bright red lips, called Liz #5 will go under the hammer on May 12 in New York.

"Liz #5 is a pristine gem," Michael McGinnis of auction house Phillips de Pury said. "It is Warhol at his very best with a perfect screen, glowing colors and impeccable provenance. She is classic yet every bit as cutting edge as she was when Warhol painted her nearly 50 years ago."

The painting is expected to fetch between $20 million and $30 million. It is unclear how much Cohen paid for the painting when he bought it less than four years ago from the estate of art dealer Ileanan Sonnabend. But another Warhol portrait of Taylor, sold by the actor Hugh Grant the same year Sonnabend died, went for $23.6 million.

Phillips de Pury denied that Cohen was trying to profit from Taylor's death.

"The events are not connected," a spokeswoman told the Los Angeles Times. Giulia Constantini said that Cohen had consigned the painting to auction two weeks ago.

Cohen owns another iconic Warhol painting of another iconic actress, a large image of Marilyn Monroe on a gold background.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR