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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...