Hedge fund legend Michael Steinhardt is selling his private collection of Jewish ceremonial art at auction on April 29th, says WSJ. The collection is valued at around $11 million and will be sold at Sotheby’s.
Steinhardt, a Wharton grad, is known for amazing returns and pioneering the idea that down days in the market are no excuse for poor performance.
He told the WSJ that he’s felt strong ties with this art because of his Jewish identity, even though he’s atheist, and that he’s selling because his kids and grandkids have no interest in continuing the collection.
Sometimes I would say to myself—and mean it—’I’d like to die broke.’ Meaning that I don’t have any particular desire to leave all sorts of things when I’m gone. I’ve a desire to leave things to my loved ones, but my kids and grandchildren have at the moment zero interest in my collecting, so it wouldn’t be for them. The idea that…you died having consumed or spent or given away most of the assets that you had—I find that an appealing concept, albeit unrealistic.
Steinhardt’s wife wants him to keep some of the pieces, so he’s probably right about that last point.