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Greenwich Hedge Fund Billionaire Buys Picasso For $155 Million

Pablo Picasso painted “Le Reve” in 1932. The oil painting is said to depict his 22-year-old mistress Marie-Thérèse Walter. It was painted in one afternoon.
Pablo Picasso painted “Le Reve” in 1932. The oil painting is said to depict his 22-year-old mistress Marie-Thérèse Walter. It was painted in one afternoon. Photo Credit: Wikipedia

GREENWICH, Conn. -- March has been an expensive month for Greenwich billionaire Steve Cohen.

Cohen's hedge fund SAC Capital Advisors, based in Stamford, settled an insider trading case with a $614 million payoff to the Securities and Exchange Commission earlier this month. And on Tuesday, word spread that Cohen had purchased a Pablo Picasso oil painting called “Le Reve” for $155 million from fellow billionaire Steve Wynn.

An earlier deal between the two fell through in 2006 after Wynn put his elbow through the painting as Cohen was about to buy it from him.

The Picasso will join an art collection estimated to be worth about $1 billion. According to Forbes, Cohen is worth $9.3 billion .

The New York Post, which broke the story, said it was most expensive artwork ever purchased by a U.S. collector. But it was a private sale, so the actual purchase price may never be revealed.

Read more about the Picasso purchase on the New York Post's website .

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