Saturday, 27 December 2014
Last updated 3 days ago
Nov 15 2013 | 11:47am ET
Seven pieces from Steven Cohen's prized art collection were sold at auction this week, yielding a disappointing haul.
The works fetched at combined $77 million at the Sotheby's sale in New York, below their high pre-sale estimate of $85 million. A painting by the German artist Gerhard Richter did best, netting $26.5 million against a pre-sale estimate of $20 million. The two Andy Warhol canvasses sold by the SAC Capital Advisors founder did less well, with a large portrait of actress Elizabeth Taylor barely clearing its low estimate on the same night that another Warhol set a record for the artist at $105.4 million.
One of Cohen's lots also set an artist record: Brice Marden's "The Attended" collected $10.9 million.
All told, Four Cohen lots made the auction's top 10. Sotheby's had guaranteed Cohen a minimum price for six of the seven pieces, although it is unclear what those prices were.
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…
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