Hedge fund billionaire Steven Cohen buys Picasso's Le Rêve for $155m

A billionaire hedge fund manager bought Picasso's Le Rêve for $155million - t$16million more than he first agreed to pay right before its previous owner tore a hole in it with his elbow.

Steven A. Cohen, whose SAC Capital just settled two insider-trading lawsuits with the govement for $616 million, bought himself the belated gift after first agreeing to but it for $139milllion in 2006 from Vegas mogul Steve Wynn.

The price is estimated to be the highest ever paid for an artwork by a U.S. collector

Sought after: Pablo Picasso's Le Reve (The Dream), has just been sold for $155million to a billionaire hedge fund manager

 

Sold: Billionaire hedge fund manager Steve Cohen, left, bought Picasso's Le Rêve for $155million from Steve Wynn- the highest ever paid for an artwork by a U.S. collector

But Wynn - who owns the Bellagio and Mirage hotels in Vegas - put his elbow through the 1932 painting while he was showing it off to friends the day after the sale was agreed and caused a six-inch tear in it.

The hotelier agreed at the time to release Cohen - who is worth around $9.3billion - from the sale and repair it. Now he has sold it to Cohen for $16 million more than the pre-damaged price.

The painting - meaning The Dream - has since been restored to its original state.

A source told the New York Post's Page Six: 'Steve bought Le Rêve as a gift to himself. This was supposed to be a top-secret sale because of the govement investigation and settlement.

'Steve has wanted that painting for a long time. The timing of the sale is just a coincidence.'

Not only did Wynn, who suffers from an eye condition that affects his peripheral vision, sell Cohen the painting for $16million more than the asking price, but he also received a $45million insurance payout from Lloyd's of London after the tearing incident.

Hotelier: Wynn - who owns Las Vegas' Bellagio and Mirage Hotels - made a hefty profit from the selling of the painting

Agreement: Wynn agreed at the time to release Cohen - who is worth around $9.3billion - from the sale of the Picasso and repair it, after he tore a hole in it in 2006

Cohen already owns works by van Gogh, Manet, de Kooning, Cezanne, Warhol, Francis Bacon and Damien Hirst.

Cohen’s spokesman Jonathan Gasthalter declined to comment, as did reps for Wynn.