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#1PercentProblems Billionaire to Auction Art Steve Marcus/Reuters

Billionaire to Auction Art

That’s gotta hurt. Steven A. Cohen, the billionaire hedge fund manager who is also known for his prodigious art collection, will be auctioning off around $80 million worth of top tier art at Sotheby’s and Christie’s beginning next week. The move comes right as Cohen’s fund, SAC Capital Advisors, made a deal and will plead guilty to securities fraud and has seen massive withdrawals from its once powerful fund. The works include art by Brice Marden, Rudolf Stingel, Cy Twombly, Andy Warhol, and Gerhard Richter.

October 31, 2013 6:39 AM