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March 28, 2013

$616 Million Poorer, Hedge Fund Owner Still Buys Art

Less than two weeks after SAC Capital Advisors, the hedge fund owned by the billionaire trader Steven A. Cohen, agreed to pay the government $616 million to settle accusations of insider trading, Mr. Cohen has decided to buy a little something for himself.

A renowned art collector, Mr. Cohen has bought Picasso’s “Le Rêve” from the casino owner Stephen A. Wynn for $155 million, according to a person with direct knowledge of the sale who was not authorized to speak publicly. Although prices for top works of art have soared to new heights recently, Mr. Cohen’s acquisition is one of the most expensive private art sales transacted.

It is at least the second $100 million-plus acquisition of art by Mr. Cohen in the last two years. He is said to have paid about $120 million in 2012 for four bronze sculptures of a woman’s back, created by Henri Matisse over 23 years.”

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Read full New York Times article here

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