Friday, 6 March 2015
Last updated 29 min ago
Oct 14 2013 | 1:54pm ET
With his firm facing federal insider-trading charges and himself facing a Securities and Exchange Commission lawsuit, SAC Capital Advisors founder Steven Cohen is raising some money by selling some of his prized art collection.
Cohen plans to sell a number of works at Sotheby's in New York next month, including two Andy Warhol canvasses, The New York Times reports. The Warhols, both dating from 1963, are expected to fetch as much as $40 million and were displayed in Qatar last week in advance of the contemporary art auction.
Cohen will also put a Gerhard Richter painting and several other works up for auction, according to the Times.
The Warhols going on the block are a painting of Elizabeth Taylor on a bright yellow background, and "5 Deaths on Turquoise (Turqoise Disaster)," a canvas featuring a depiction of an overturn car.
It is unclear whether the sales have anything to do with Cohen's and SAC's current legal predicament; the firm is reportedly negotiating a settlement that could see Cohen could up as much as $1.8 billion and force him to give up managing outside capital. Cohen is an active buyer and seller of art, and has recently spent hundreds of millions of dollars on new pieces for his collection.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…