Picasso's Le Reve Sold for $155 Million

Many appraisers will recall back in 2006 when casino mogul Steve Wynn was showing off his Picasso, Le Reve (see image), which he had agreed to sell to hedge fund owner Steven Cohen for $139 million, and put his elbow through the painting leaving a six inch tear.  According to reports Wynn gained a $45 million insurance settlement.

The NY Post is now reporting that Cohen recently purchased the painting from Wynn for $155 million.

The NY Post reports

Steven A. Cohen, whose SAC Capital just settled two insider-trading lawsuits with the government for $616 million, has bought himself a gift — Picasso’s “Le Rêve” for $155 million, Page Six has exclusively learned.

Billionaire Cohen secretly bought the masterpiece from Vegas mogul Steve Wynn, who famously put his elbow through the 1932 painting of Picasso’s mistress, creating a six-inch tear.

The price is estimated to be the highest ever paid for an artwork by a US collector — and it’s even more impressive because Wynn had previously agreed to sell the masterpiece to Cohen for $139 million in 2006, but accidentally tore the painting the following day.

A source told Page Six, “Steve bought ‘Le Rêve’ as a gift to himself. This was supposed to be a top- secret sale because of the government investigation and settlement.”

It reaped a hefty profit for Wynn, who also got a $45 million insurance payout after he elbowed the painting while showing it off to friends including Nora Ephron at his Las Vegas office.

Wynn, who suffers from vision problems, agreed at the time to release Cohen from the sale and repair it. Now he has sold it to Cohen for $16 million more than the pre-damage price.

Another source told us, “Steve has wanted that painting for a long time. The timing of the sale is just a coincidence.”

In what officials are calling the largest-ever settlement of an insider-trading action, SAC Capital Advisors LP agreed March 15 to pay securities regulators more than $600 million to resolve a civil lawsuit related to improper trading.

Despite reports that Cohen, worth about $9.3 billion, was feeling the pinch after investors in SAC asked to withdraw $1.68 billion — sparking speculation he might sell his art — it seems he’s building his collection, which includes works by van Gogh, Manet, de Kooning, Cezanne, Warhol, Francis Bacon and Damien Hirst.

Cohen’s longtime spokesman Jonathan Gasthalter declined to comment, and reps for Wynn didn’t get back to us.

Source: The NY Post