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Latino Daily News

Thursday March 28, 2013

Hedge Fund Honcho Buys Damaged Picasso for $155 Million

Hedge Fund Honcho Buys Damaged Picasso for $155 Million

Photo: Picasso's 'Le Reve' Sells $155M

Click Here to Enlarge Photo

Pablo Picasso’s ‘Le Reve’ that was damaged by its owner, casino mogul Steve Wynn, sold to hedge fund honcho Steven Cohen for a record $155 million.  The sale represents the most an American has ever paid for a painting let alone a damaged one.

Back in 2006 Wynn, who was getting ready to sell the painting for $136 million, accidentally created a 6-inch tear with his elbow. The painting underwent months of restoration.

Cohen owns SAC Capital Advisors and is considered one of the country’s most successful hedge fund managers.  ‘Le Reve’ will become part of Cohen’s $1 billion art collection that he shares with his wife Alexandra Garcia. 

Garcia, who is of Puerto Rican descent, was a single mother from Washington Heights when she met Cohen through a dating service, they have four children together.

The purchase comes on the heels of SAC paying the U.S. government $616 million in fines to settle insider-trading charges.

‘Le Reve’ (The Dream) was painted during one of the most celebrated periods, 1932, in the painter’s life.  The painting is of Marie-Therese Walter his mistress, model and muse.  Most of the paintings of Walter are dated 1932 and garner top dollar at auction. 

In 1997 ‘La Reve’ sold for $48 million.