steve cohen picasso le reve wynn
Stan Honda/AFP/Getty Images A 1997 photo shows Christie's Chairman Christopher Burge starting bidding for Pablo Picasso's painting "Le Reve" at an auction in New York. On Tuesday, hedge-fund manager Steve Wynn paid a reported record $155 million for the artwork.
NEW YORK -- Hedge fund manager Steven A. Cohen has bought a famous Picasso painting from casino mogul Steve Wynn for a record price, according to a report in the New York Post on Tuesday.

Cohen, who runs $15 billion hedge fund firm SAC Capital Advisors, purchased "Le Reve," a 1932 oil painting of Picasso's mistress, for $155 million, the New York Post said, citing an unnamed source.

The Post reported it is the highest price a U.S. collector ever paid for an artwork.

Cohen and Wynn, who are both billionaires and well-known art collectors, have a history with this particular Picasso painting.

In 2006, Wynn put his elbow through the canvas of "Le Reve" while showing it to several friends, reportedly a day after agreeing to sell it to Cohen for $139 million, several media outlets reported at the time.

Cohen's reported acquisition of "Le Reve" comes as his firm continues to face regulatory scrutiny as part of a multi-year federal insider trading probe that has ensnared nine former SAC employees. Earlier this month, SAC Capital agreed to pay a record $616 million fine to settle two lawsuits, the largest-ever U.S. insider trading settlement.

A spokesman for Cohen declined to comment. A spokesperson for Wynn, the chief executive officer of Wynn Resorts Ltd. (WYNN), didn't respond to a request for comment.


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cdjcn

It will get stolen in a few years and insurance will pay out more than the amount he paid. What a cycle.

March 27 2013 at 10:36 AM Report abuse rate up rate down Reply