Hedge fund billionaire Ken Griffin bought two paintings over the summer for a combined $500 million, believed to be the highest prices ever paid for works of contemporary art, according to art experts.
Art industry experts close to the deal say Griffin, who's been on a real estate and art shopping spree over the past year, bought Willem de Kooning's masterpiece "Interchange," along with Jackson Pollock's "Number 17A," in a private transaction.
The works were sold by billionaire art collector and media mogul David Geffen. Because the pieces were bought as a pair, the individual prices for each painting have not been broken out.
Griffin declined to comment. But back in November, months after the hedge fund mogul reportedly purchased these pieces of art, he told CNBC there was "cause for concern" about soaring prices in the art market.