Tuesday, 21 April 2015
Last updated 11 hours 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.
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…