Hedge-fund billionaire Steve Cohen paid $165 million for the 1962 Roy Lichtenstein painting “Masterpiece”, making it one of the most expensive pieces on record. This painting is believed to be among the 10 most expensive ever sold.
The comic-inspired Pop art work was sold by collector and patron Agnes Gund to raise money for the new Art for Justice Fund devoted to criminal justice reform. It was sold through the Acquavella Galleries in New York and the price included fees.
The sale highlights Steve Cohen’s continued confidence as he emerges from his legal troubles and returns to the hedge-fund world with Point72 Asset Management. It also shows that Cohen is as much an art trader as an art collector.
Cohen’s collection is valued at well over $1 billion, but he is constantly buying, selling and upgrading. He sold a Jean-Michel Basquiat painting called “La Hara” through Christie’s in May for $34.9 million, well over the $22 million to $28 million estimate.