March 2013 New York Post uncovered the “top-secret” purchase. The newspaper, citing “a source,” reported Cohen’s purchase of the 1932 Picasso masterpiece, dubbing it most expensive artwork ever purchased by a U.S. collector. Given it was a private sale, the actual purchase price may never surface.
Le Rêve (The Dream in French) is a 1932 oil painting (130 × 97 cm) by Pablo Picasso, then 50 years old, portraying his 24-year-old mistress Marie-Thérèse Walter. It is said to have been painted in one afternoon, on January 24, 1932. It belongs to Picasso’s period of distorted depictions, with its oversimplified outlines and contrasted colors resembling early Fauvism.
The erotic content of the painting has been noted repeatedly, with critics pointing out that Picasso painted an erect penis, presumably symbolizing his own, in the upturned face of his model. Le Rêve was purchased for $7,000 in 1941 by Victor and Sally Ganz of New York City. This purchase began their 50-year collection of works by just five artists: Picasso, Jasper Johns, Robert Rauschenberg, Frank Stella, and Eva Hesse. After the Ganzes died (Victor in 1987 and Sally in 1997), their collection, including Le Rêve, was sold at Christie’s auction house on November 11, 1997. Le Rêve sold for an unexpectedly high $48.4 million, at the time the sixth most expensive painting sold (tenth when taking inflation into account). The entire collection set a record for the sale of a private collection, bringing $206.5 million. The total amount paid by the Ganzes over their lifetime of collecting these pieces was around $2 million. The buyer who purchased Le Rêve at Christie’s in 1997 appears to have been the Austrian-born investment fund manager Wolfgang Flöttl, who also briefly held Van Gogh’s Portrait of Dr. Gachet in possession in the late 1990s. In 2001, under financial pressure, he sold Le Rêve to casino magnate Steve Wynn for an undisclosed sum, estimated to be about $60 million.
Goldman Sachs is making a personal loan to Steven A. Cohen with a credit line backed by the SAC founder’s $1-billion art collection, according to a regulatory filing.
Hedge fund bilionaire Cohen, 57, has gotten support from Goldman Sachs ever since SAC was indicted last July by federal regulators for insider trading. The firm settled the charges by agreeing to pay a fine of $1.8 billion in November 2014.
Forbes estimates Cohen’s personal fortune at $11 billion. An insurer, who asked to remain anonymous due to confidentiality issues, gives Cohen’s postwar and contemporary art collection a value of about $1 billion. In 2013, Coehn reportedly bought Pablo Picasso’s iconic “La Reve” for $155 million from casino mogul Steve Wynn.
About Steven A. Cohen (born June 11, 1956)
is an American hedge fund manager. He is the founder of SAC Capital Advisors, a Stamford, Connecticut-based hedge fund focusing primarily on equity market strategies. He has an estimated net worth of $11.1 billion as of May 2014, ranked by Forbes as the 106th richest man in the world.
Cohen is 35th overall in the U.S. In November 2012, he began to be implicated in a large criminal insider trading scandal. In July 2013, SAC was charged by the Securities and Exchange Commission with failing to prevent insider trading
In November 2013, SAC Capital agreed to plead guilty, stop managing funds for outsiders, and pay a $1.2 billion fine
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