Facing mounting legal charges, SAC Capital’s billionaire manager Steve Cohen will auction a handful of famous pieces of art from his storied collection, the New York Times’ Peter Lattman and Carol Vogel report.
Cohen — who has seen redemptions from his fund as his lawyers reportedly broker a $US2 billion deal with the SEC over a years-long insider trading investigation — will put up two major Andy Warhol paintings and an “abstract canvas” by Gerhard Richter, sources told the Times.
The two Warhols, both painted in 1963, are “Liz #1 (early Coloured Liz),” an image of Elizabeth Taylor on a bright yellow background estimated to sell for $US20 million to $US30 million, and “5 Deaths on Turquoise (Turquoise Disaster),” thought to bring in $US7 million to $US10 million. Sotheby’s featured the Warhols last week at the Katara Art Center in Doha, Qatar, where it was showing upcoming highlights from next month’s event.
People familiar with Mr. Cohen’s collection said that these paintings were part of a larger group of his works being put up for auction.
Cohen’s fund — which stood at $US15 billion at the beginning of the year — could become just a family office once investor money is returned, a process already underway. About $US9 billion of assets under management is Cohen’s fortune.