Cohen Paintings Post Tepid Returns At Auction

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.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note