Steven Cohen Purchases $155 Million Picasso from Steve Wynn
Tuesday, March 26th, 2013
Pablo Picasso, Le Rêve (1932)
Hedge fund manager and notable collector Steven A. Cohen, who has just settled two insider-trading lawsuits with the government, has just purchased Picasso’s Le Rêve for $155 Million. The exchange, between Cohen and Las Vegas Hotel Mogul Steve Wynn, is estimated to be the largest price ever paid for a work of art by an American collector. The sale of Le Rêve, Picasso’s 1932 portrait of a sleeping woman, had previously been discussed between Wynn and Cohen, particularly in 2006, when the sale was canceled after Wynn accidentally thrust his elbow through the piece, causing a 6-inch tear. “Steve has wanted that painting for a long time. The timing of the sale is just a coincidence.” Said an unnamed source.
