In recent months, as his legal troubles have deepened, the billionaire hedge-fund manager Steven A. Cohen has sold stocks to meet withdrawal requests from skittish investors.
The New York Times reports that in addition to stocks, Cohen is selling significant works of art from his celebrated collection.
Cohen has put two major paintings by Andy Warhol and an abstract canvas by Gerhard Richter up for sale, according to art experts familiar with his holdings who requested anonymity because they were not authorized to speak publicly. Sotheby’s will auction the works at next month’s contemporary art auction in New York.
The two Warhols, both painted in 1963, are “Liz #1 (early Colored Liz),” an image of Elizabeth Taylor on a bright yellow background estimated to sell for $20m to $30m, and “5 Deaths on Turquoise (Turquoise Disaster),” thought to bring in $7m to $10m. Sotheby’s featured the Warhols last week at the Katara Art Center in Doha, Qatar, where it was showing upcoming highlights from next month’s event.
People familiar with Cohen’s collection said that these paintings were part of a larger group of his works being put up for auction.
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