The First Art Newspaper on the Net Established in 1996 United States Tuesday, October 13, 2015

Steven Cohen buys Pablo Picasso's 'Le Reve' from casino owner Steve Wynn for $155 million
"The Dream ( Le Reve)" by Pablo Picasso, an oil on canvas painting from Jan. 24, 1932, is shown in this undated handout photo released to the media on Thursday, Sept. 25, 2008. The $139 million work was accidentally damaged by Wynn Resorts Ltd. Chairman Stephen Wynn when he poked his elbow through it in 2006.

By: Richard Vines and Katya Kazakina

NEW YORK (BLOOMBERG).- Steven Cohen, owner of SAC Capital Advisors LP, has bought Pablo Picasso’s “Le Reve” for $155 million from casino owner Steve Wynn, a person familiar with the transaction said.

The price is the highest paid by a U.S. collector for an artwork, art dealers told Bloomberg.

Wynn had previously agreed to sell the painting to Cohen for $139 million in 2006. The purchase was canceled after Wynn, whose vision has deteriorated owing to retinitis pigmentosa, accidentally put his elbow through the canvas. Cohen remained interested in the work for years as it was repaired.

“The restoration seems to be factored into the price,” said Beverly Schreiber Jacoby, valuation specialist and president of New York-based BSJ Fine Art. “If you didn’t know that it has been damaged, you would not see it. It’s superbly restored.”

The U.S. Securities and Exchange Commission’s proposed $616 million insider-trading settlement with SAC Capital Advisors will be the subject of a hearing on March 28 in Manhattan federal court.

SAC manages $15 billion, 60 percent of which is Cohen’s and his employees’ money. Cohen is one of the world’s biggest art collectors, with works by Van Gogh, Manet, de Kooning, Picasso, Cezanne, Warhol, Johns and Richter.

Hirst Shark
Cohen, 56, started collecting art in about 2001. His taste has shifted from Impressionist to contemporary works.

An early Cohen purchase was Edouard Manet’s 1878 “Self Portrait with a Palette” from the collection of Las Vegas casino developer Wynn. Cohen later sold the work.

Cohen’s purchases have helped boost prices of artists such as Damien Hirst, whose shark-in-formaldehyde he bought for $8 million.

“Le Reve” shows Marie-Therese Walter, described in biographies as the married artist’s mistress, model and muse. For years he gave her and their daughter financial support.

The market for pictures of her surged when the 1932 “Nude, Green Leaves and Bust” sold for $106.5 million -- a record for any work of art at auction -- at Christie’s International in New York in May 2010.

Sotheby’s in London also sold the 1932 “La Lecture” for 25.2 million pounds ($40.5 million) in February 2011. “Femme assise pres d’une fenetre” sold for 28.6 million pounds at Sotheby’s in London in February this year.

Married and 45, Picasso spotted Walter in 1927 on a Paris street when she was 17. She would be the artist’s greatest love for the next decade, inspiring numerous paintings and sculptures, according to John Richardson, Picasso’s biographer.

Young Mistress
“She was young, blond, sexy, round, accommodating,” said Michael Findlay, director of New York’s Acquavella Galleries, which organized “Picasso’s Marie-Therese” exhibition in 2008, said in 2011.

Most of the top Marie-Therese paintings at auction have been dated 1932, the year of Picasso’s big retrospective at Galeries Georges Petit in Paris.

The Marie-Therese period hasn’t always been considered Picasso’s finest hour, said Findlay. This changed after “Le Reve” hit the auction block as part of the collection of Victor and Sally Ganz in 1997. It sold for $48 million.

“Everyone wanted to buy the ‘The Dream,’” said Findlay. “It was a standout among the new generation of collectors,” including Francois Pinault, Bernard Arnault, Cohen and Wynn.

The new “Le Reve” sale was earlier reported by the New York Post, citing a source it didn’t identify.

The price isn’t the most paid for a work of art. In 2011, Cezanne’s “Card Players” was bought by the royal family of Qatar for more than $250 million, Vanity Fair reported.

Today's News

March 27, 2013

Steven Cohen buys Pablo Picasso's 'Le Reve' from casino owner Steve Wynn for $155 million

Sotheby's Geneva to offer magnificent jewels from The Collection of Gina Lollobrigida

Bonaparte at the Scheldt: Antwerp swept along in a current of French aspirations

Ringling Museum of Art announces acquisition of rare painting by Rubens' Master

Mexican artist Pedro Reyes uses illegal firearms to fabricate musical instruments

Christie's Private Sales installs Claes Oldenburg's "Typewriter Eraser" in its Sculpture Garden

Spring auctions at Koller Zurich: A re-discovered early work by Guido Reni sells for CHF 1.2 million

Arthur Millner's first Indian and Islamic Works of Art Online Auction to take place on 23rd April

The Fruitmarket Gallery needs your water for an artwork bringing together water from all the world's seas

Getty Museum exhibition presents two sides of modern Japanese photography

Sterling and Francine Clark Art Institute opens exhibition by winner of curatorial challenge

The National Museum of Ireland acquires an important mid-15th century copper alloy altar cross

Major installation by internationally celebrated Russian artists Ilya and Emilia Kabakov, opens at Ambika P3

Cuban artist Esterio Segura's Goodbye My Love now installed in Times Square

The Heshui White Paper Workshop Ensemble: The Art of Paper Making

Sotheby's to sell duplicate stamps from the British Postal Museum & Archive in London in July 2013

Morphy's April 27 Premier Doll Auction led by fancy French 'Golden Age' bisque dolls

From coral to floral: Bonhams Spring Salon Jewelry Sale achieves strong results

Art Dubai wraps up most successful fair to date

Bonhams auction of Laverty Collection becomes the most successful contemporary art sale in Australia

Most Popular Last Seven Days

1.- British archaeologist Nicholas Reeves aims to pinpoint legendary Queen Nefertiti's tomb

2.- Exhibition at the Victoria & Albert Museum explores the world of Indian textiles and fashion

3.- Rare Byzantine mosaic that depicts ancient streets and buildings in Egypt restored

4.- Sopranos actor/art collector Federico Castelluccio to pen book on Guercino discovery

5.- Exhibition at the McNay Art Museum presents more than 50 works created by Joan Miró

6.- Major monographic exhibition of works by Tamara de Lempicka on view in Verona

7.- Virginia Museum of Fine Arts acquires painting commissioned by King George III

8.- Tang Museum at Skidmore College receives 500 photographs from Jack Shear

9.- The Rijksmuseum and the Louvre to jointly buy rare Rembrandts for 160 mn euros

10.- Rail life: History of trains brought to life in a state-of-the art museum in Brussels

Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .


Ignacio Villarreal
Editor & Publisher:Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez
Social Network Manager and Translator: Norma Cristina Pérez Ayala Cano

Royalville Communications, Inc
Founder's Site. The most varied versions
of this beautiful prayer.
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site