James Tomilson Hill, the Blackstone Group vice chairman who runs the company’s $58bn hedge-fund business, has emerged as a billionaire as the world’s largest private-equity firm and his art collection have surged in value.
Bloomberg News reports that Hill, who joined Blackstone after engaging in some of the biggest takeover battles of the 1980s, owns 17.4 million shares of the alternative-asset manager, according to filings with the U.S. Securities and Exchange Commission. The stake is valued at $585m as of Tuesday.
The 66-year-old, who’s credited with inspiring the look of Gordon Gekko in the movie Wall Street, also owns an art collection valued at about $500m, according to seven appraisal experts. Hill and his wife, Janine, have acquired more than 100 bronzes and paintings created over a span of seven centuries by artists such as Peter Paul Rubens, Francis Bacon and Andy Warhol.
'I don’t like to talk about the financial aspect of art', the billionaire said in a separate interview about an exhibition of a portion of his collection at the Frick museum in New York. 'Collecting art is a highly personal endeavor'.
To access the complete Bloomberg News article hit the link below: