Billionaire Steve Wynn has taken out a loan against his massive art collection, which helped the casino mogul to secure an interest rate of less than 1%. “This is a great time to be poised with ample cash,” Wynn said. (more…)
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.
