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While world media was abuzz with the world-record breaking sale of Picasso’s "Les femmes d’Alger" for $179 million at Christie’s, another anonymous buyer took home the most expensive statue ever auctioned.

That anonymous buyer turned out to be hedge fund billionaire Steven Cohen, Page Six reports.

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Billionaire collector Steven Cohen, who recently added Giacometti's "Chariot" (1950) to his vast art collection for a cool $101 million, donated a tour of his Greenwich, Connecticut collection to the Foundation for Prader-Willi Research charity auction last week, as per "Page Six." Cohen, who was also actively involved with the Robin Hood Foundation for many years, was revealed as the buyer of the Giacometti sculpture, which sold on a single $90 million bid at Sotheby's on November 4 (see "$101 Million Giacometti Leads Sotheby's $400 Million Imp Mod Evening Sale") to David Norman, Sotheby's co-chairman of Impressionist and modern art worldwide, who was bidding for his client.

No word yet on whether the tour was successfully sold at the charity auction, or for how much—the Foundation for Prader-Willi Research did not respond for comment.

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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).

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Thursday, 09 August 2012 14:05

MOCA in Trouble: Eli Broad Misses Payment

Billionaire philanthropist Eli Broad hasn’t made scheduled payments to the Museum of Contemporary Art in Los Angeles because the institution has $2.1 million in grants it hasn’t put toward exhibitions.

“Once our unspent exhibition funds have been used, we will make additional payments,” said Karen Denne, spokeswoman for the 79-year-old founder of KB Home (KBH), in an e-mail.

The missed payments come at a time when concerns over finances at the museum have resurfaced after four prominent artists quit MOCA’s board last month.

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