News Articles Library Event Photos Contact Search

Friday, 08 November 2013 16:47

Billionaire Hedge-Fund Manager to Sell Artworks at Auction

Andy Warhol's 'Liz #1 (Early Colored Liz).' Andy Warhol's 'Liz #1 (Early Colored Liz).' 2013 Andy Warhol Foundation for the Visual Arts/ARS/Sotheby's via Bloomberg

Steven A. Cohen, a hedge-fund manager and founder of SAC Capital Advisors, will sell works from him impressive art collection in New York later this month. The majority of the sales will be part of Sotheby’s contemporary art evening sale on November 13, but Christie’s will also sell a small portion, estimated to be worth less than $5 million.

The trove headed to Sotheby’s includes works by Andy Warhol, Gerhard Richter and Cy Twombly and is estimated to be worth around $85 million. Highlights include Andy Warhol’s portrait of Elizabeth Taylor titled Liz #1 (Early Colored Liz); a 10-by-8-foot canvas by German artist Gerhardt Richter, which was shown by the Pace Gallery at Art Basel in 2012; and a bronze sculpture by Cy Twombly.

Cohen, an avid collector who is active in the market, is bringing this collection to auction after SAC was accused in a grand-jury indictment of encouraging insider trading. The company was told it would have to pay $1.8 billion and admit wrongdoing to resolve securities-fraud charges, including a previous penalty of approximately $600 million.

Additional Info

  • Category: News