According to Bloomberg reports, Hedge fund manager and top art collector Steven Cohen is under investigation and may have charges brought against him for insider trading. Cohen is was of the better known collectors of contemporary art, and is also known for paying top dollar for important works.
Bloomberg reports that Cohen may not be able to purchase art as he has in the past, and some are concerned that may have an impact on the market, and on gallerists, although one collector should not have overly influence the market.
Bloomberg reports
Source: BloombergCohen, 56, is worth $9.5 billion, according to the Bloomberg Billionaires Index. He is also one of the world’s biggest art collectors, with works by Van Gogh, Manet, de Kooning, Picasso, Cezanne, Warhol, Johns and Richter.
His purchases have helped boost prices of artists such as Damien Hirst, whose shark-in-formaldehyde he bought for $8 million.
“He is known for his willingness to pay top prices for the best work,” Todd Levin, director of New York-based Levin Art Group, said in an interview. “In the worst case scenario, he might not be able to buy going forward and there will be some disappointed gallerists.”
Since he started his hedge fund in 1992, Cohen has achieved average annual returns of 30 percent, with just one money-losing year: 2008, when his main fund tumbled 19 percent.
Cohen started collecting art in about 2001. His taste has shifted from Impressionist to contemporary works.
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