It’s no secret that hedge fund giant Steve Cohen loves to buy art. Now, he may be thinking of snapping up the auction house where he buys it.
The New York Post points out that last week Cohen, who runs SAC Capital, disclosed that his is now Sotheby’s third-largest after snapping up nearly 6 per cent of the company’s stock.
The Post says, Cohen bought his stake near the stock’s bargain lows in the $6 range earlier this month. Shares have jumped 40 per cent in two weeks.
While Cohen enjoys making money, the paper sees a different reason for getting deeper into the Sotheby’s.
“With full control of the legendary house, Cohen, who’s worth about $6 billion, could also realise the ultimate dream of all avid art collectors creating a lasting legacy for their art with a museum, much like edifices built by heirs of industrial barons Guggenheim and Getty.”