Christie's Couldn't Get Anyone To Bid On A Painting Reportedly Owned By Steve Cohen

The New York art auction season
got off to a slow startlast 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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