Steve Cohen's legal challenges haven't slowed his investing gains—or his spending.
Cohen—whose firm SAC Capital settled criminal insider charges for $1.8 billion last year—bought a sculpture at auction last week for $101 million, according to people familiar with the transaction. The purchase comes after his new fund posted gains of 15 percent through the end of October, according to people familiar with the fund.
A spokesman for Cohen declined to comment on the deal. The news was first reported by The New York Times.
Cohen purchased a bronze sculpture by Alberto Giacometti called Chariot, which sold for $101 million including commissions at Sotheby's impressionist and modern art sale last week. The piece was one of only six made and one of only two in private hands.
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The billionaire's new firm, a family office called Point72 Asset Management, manages between $10 billion and $11 billion, most of it Cohen's own money, according to people familiar with the company. The firm has posted gains of 15 percent as of the end of October, which is better than many hedge funds in a highly volatile year.
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Cohen is one of the most voracious art collectors in America, with a collection valued at well over $1 billion. His appetite hasn't slowed throughout his legal battles with the Justice Department. In November 2012, during the insider trading investigation of SAC, Cohen bought a Picasso painting, called "Le Reve" from casino magnate Steve Wynn for $155 million.
In other words, that Giacometti sculpture may be expensive, but it's all in a month's work for Cohen.
