Saturday, 1 August 2015
Last updated 15 hours ago
Nov 27 2013 | 9:31am ET
SAC Capital Advisors founder Steven Cohen's decision to sell $77 million worth of his prized art collection this month may have had nothing to do with his current legal predicament, but it has kept him off of a list of the most important art collectors in the world.
For the second straight year, Art & Auction magazine has left Cohen off of its Power 100 list. Editor-in-chief Benjamin Genocchio explained to Bloomberg Brief, "He's not on the list because he's de-accessioning. He switched gears in the last few months and turned from being an acquirer to being a seller."
Most recently, that's meant selling a cache of Warhols and other paintings at Sotheby's. The works, including pieces by Gerhard Richter and Brice Marden, disappointed, bringing in less than their high pre-sale estimate of $85 million.
The sales reportedly were not related to SAC's legal issues; the hedge fund earlier this month pleaded guilty to insider-trading charges and will pay $1.2 billion in fines, all of it from Cohen's pocket.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…