Saturday, 28 May 2016
Last updated 9 hours ago
Nov 1 2013 | 11:56am ET
SAC Capital Advisors founder Steven Cohen will sell about $80 million worth of art at auction, beginning next week.
The news follows word last month that Cohen would sell two Andy Warhol canvasses and a Gerhardt Richter painting at Sotheby's, with the Warhols expected to net $40 million. In fact, the sale—actually sales, as works will be auctioned at both Sotheby's and Christies—will include about a dozen other works, by Brice Marden, Rudolf Stingel and Cy Twombly.
Cohen, whose firm is negotiating a settlement of criminal insider-trading charges, has always been an active seller, as well as buyer, of art. But the cache going on the block this month, including a number of iconic works, is the largest single group of works he's ever sold at once, The New York Times reports.
It is not clear whether Cohen's legal problems—he will reportedly have to pay $1.2 billion to settle with prosecutors—have anything to do with the sales. His art adviser, Sandy Heller, told the Times, "We're in a robust market, and we are actively managing the collection." Sources told the newspaper that the sales have nothing to do with the criminal case.
The Warhols and the Richter will go under the hammer on Nov. 13 and are expected to net a combined $55 million to $60 million.