Hedge Fund Billionaire Steve Cohen Buys $155 Million Picasso

Leah Bourne

Pablo-Picasso-Le-Rêve-1932Days after Steve Cohen settled with the SEC on insider trading allegations to the tune of $616 million, the hedge fund billionaire (and 117th richest person in the world) has gone ahead and purchased Pablo Picasso’s panting “Le Rêve” to the tune of $155 million.
“Steve bought ‘Le Rêve’ as a gift to himself. This was supposed to be a top-secret sale because of the government investigation and settlement,” a source told the New York Post.
Cohen has had his eye on this Picasso for awhile. He attempted to buy the painting from fellow billionaire Steve Wynn in 2006, but Wynn accidentally put his elbow through the painting while he was showing it off to friends including Nora Ephron. He let Cohen out of the deal to buy it for $139 million, and took on the repairs which reportedly cost $45 million.
So now Cohen, an avid collector who has an estimated $1 billion in art, owns this crown jewel. Hey, a little retail therapy can go a long way in putting insider trading behind you.
UPDATE: Cohen’s representative now claims that the painting was actually purchased in November, but the sale didn’t come to light until now.