Steven Cohen, an American hedge fund manager and founder of SAC Capital Advisors LP, purchased Pablo Picasso’s (1881-1973) La Reve (1932) from casino tycoon Steve Wynn for $155 million. The sale marks the highest price paid by a U.S. collector for an artwork.

Cohen and Wynn have been in discussion about the sale since 2006. Originally, Wynn agreed to sell the painting to Cohen for $139 million but the transaction was cancelled after Wynn, whose vision is compromised, put his elbow through the canvas. The work has since been restored and the repair was factored into the selling price.

The sale comes less than two weeks after SAC Capital settled an ongoing insider trading case with the U.S. Securities and Exchange Commission for $600 million; it was the largest insider trading settlement in history. Cohen, who started collecting art in 2001, has an expansive collection that includes works by Vincent van Gogh (1853-1890), Edouard Manet (1832-1883), Willem de Kooning (1904-1997), Paul Cézanne (1839-1906), Andy Warhol (1928-1987), Jasper Johns (b. 1930), and Gerhard Richter (b. 1932).