Steven Cohen buys Picasso’s ‘Le Rêve’ for $155 million


Billionaire hedge fund manager Steven Cohen of SAC Capital, who only recently settled two insider-trading lawsuits with the US government for $616 million, seems to be spending his riches extravagantly to treat himself after the legal brawl. It has been reported that he has splurged $155 million to get himself Picasso’s ‘Le Rêve’ from Vegas casino and hotel mogul Steve Wynn, who has very expensive taste himself. If the speculations hold true then this sale would be one of the most expensive single art transactions in U.S. history. What makes this sale even more topical is the fact that Wynn had previously agreed to sell this masterpiece to Cohen for $139 million in 2006, but famously tore the painting the following day and created a six-inch tear in this painting of Picasso’s mistress.

This sale has been a win-win for Wynn as he had received a $45 million insurance payout after he elbowed the painting back in 2006 as well. But the increase in price did not make a difference to Cohen as he had wanted the painting for a long time now. He is an avid art collector and also sits on the board of trustees of the Museum of Contemporary Art in Los Angeles.

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[NY Post]