Steve Cohen Couldn't Sell His High-Priced Art Last Night

The New York art auction season got off to a slow start last night in another blow to embattled hedge funder Steve Cohen’s week.
“Mann und Frau (Umarmung)” by Schiele, widely rumoured to be owned by the billionaire, did not receive a single bid at Christie’s auction, the FT’s Elizabeth Paton reports.

It has been a rough few days for Cohen, whose SAC Capital Advisors pleaded guilty to insider trading and swallowed a record $US1.2 billion fine.

A quarter of the “high-profile Impressionist and Modern paintings” went unsold at the auction. Total sales came in at $US144.2 million, “well below the low estimate of $US188m initially made by the house,” according to the report.

Read the full report at the FT »

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