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Steven A. Cohen Gets an Art-backed Loan from Goldman Sachs

  • May 07, 2014 12:54
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Picasso's La Reve, 1932, was purchased for $155 million by hedge fund owner Steven A. Cohen.
2013 Estate of Pablo Picasso/Artists Rights Soc...

Goldman Sachs is making a personal loan to Steven A. Cohen with a credit line backed by the SAC founder's $1-billion art collection, according to a regulatory filing. 

Hedge fund bilionaire Cohen, 57, has gotten support from Goldman Sachs ever since SAC was indicted last July by federal regulators for insider trading. The firm settled the charges by agreeing to pay a fine of $1.8 billion in November.

Forbes estimates Cohen's personal fortune at $11 billion. An insurer, who asked to remain anonymous due to confidentiality issues, gives Cohen's postwar and contemporary art collection a value of about $1 billion. In 2013, Coehn reportedly bought Pablo Picasso's iconic "La Reve" for $155 million from casino mogul Steve Wynn.

 

Read more at Bloomberg

Tags: contemporary art
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