Hedge Funder Shows Off Art Collection

by Deidre Woollard (RSS feed)
Apr 3rd 2009 at 11:01AM

Most of the time Sotheby's exhibit works they are going to be up for auction soon but the collection of Steven and Alexandra Cohen is more about showing off than selling off. Cohen, a hedge fund investor who owns SAC Capital Advisors, has quickly created a collection of some of the most desirable works of modern and contemporary art. He is displaying it at Sotheby's New York in a loan-only exhibition, titled "Women" which runs through April 14. The 20 works show a variety of female forms by artists such as de Kooning, Warhol, Matisse, van Gogh and Picasso. Bloomberg reports that the works have a combined value of $450 million.

While Cohen may not be selling anything now he reportedly consigned at least eight paintings to New York dealers last year. He was said to be trying to raise money for a major purchase that he decided not to make. It may be a savvy move to let the public have a free taste of his collection now when nothing is for sale to whet appetites for private sales later. Or it could be that he's trying to increase attention for Sotheby's. His company, SAC owned 5.9 percent of the company as of March 6 according to an SEC filing.

Tags: andy warhol, AndyWarhol, art, matisse, picasso, richard prince, RichardPrince, steve cohen, SteveCohen