Money

Billionaire Steven Cohen Buys Damaged Picasso Painting for $155 Million

| by
article imagearticle image

Steve Cohen, a billionaire hedge fund manager at SAC Capital, recently purchased the Picasso painting “Le Reve” — the same one casino mogul Steve Wynn put his elbow through.

The purchase, which was supposed to be kept secret, comes on the tail of Cohen’s settlement payout of $600 million to the Securities and Exchange Commission (SEC) for allegations of insider trading. Cohen bought the painting as a gift for himself, reports the New York Post.

Cohen was going to purchase the work back in 2006, but backed out after then-owner of the painting Steve Wynn accidentally and famously put his arm through it while showing it off to some friends. At the time, the blunder dropped the appraised value of the painting by $45 million.

Fast forward to 2013, and the painting, now with a famously humorous story attached, has increased in value from $139 million to $155 million — a far cry from the $48 million Wynn originally paid for it back in 1997. 

Popular Video

This judge looked an inmate square in the eyes and did something that left the entire courtroom in tears:

“La Reve” is a portrait of Picasso’s mistress Marie-Therese Walter and is among the many prominent works in Wynn’s extensive art collection. 

Sources: Huffington Post, Business Insider