Monday, June 12, 2017

What $150 Million Will Buy

Roy Lichtenstein’s “Masterpiece” (1962)
To raise money for a philanthropic fund aimed at shrinking the alarmingly high percentage of Americans who spend time in prison, the president emerita of the Museum of Modern Art has sold her prized Lichtenstein for $150 million ($165 million including fees).

The buyer: Steven A. Cohen, the once-and-future hedge fund tycoon. After scraping past insider-trading charges but being temporarily sidelined from the hedge fund business, Cohen's next masterpiece will be a new, $20-billion hedge fund to be launched next year.

4 comments:

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Jim Gust said...

I do not believe that this piece of art will prove to be timeless. In 50 years, people will laugh that anyone would spend so much to acquire it.

Unless, of course, Cohen gives it to a museum for the write-off.

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