Congratulations, Steve Cohen just bought Picasso work "Le Reve" from casino mogul Steve Wynn for US$155 million dollars! Wow!

(Image below of "Le Reve"---French for "The Dream"--- the 1932 oil painting by then 50-year-old artist Pablo Picasso portraying his 22-year-old mistress Marie-Therese Walter, sourced from en.wikipedia.org)




(Image below is the 1907 self-portrait by artist Pablo Picasso)





(Image below of Marie-Therese Walter, sourced from webartacademy.com)











(Image below of hedge fund tycoon Steve A. Cohen, sourced from businessinsider.com)






(Image below of casino tycoon Steve Wynn, sourced from bornrich.com)

Cohen Buys Picasso’s ‘Le Reve’ From Wynn for $155 Million

By Richard Vines & Katya Kazakina - Mar 27, 2013 2:12 AM GMT+0800

Stand Honda/AFP via Getty Images

Christopher Burge, chairman of Christie's, ends the bidding for Pablo Picasso's painting, "Le Reve". The work was bought by Steve Wynn and now resold to Steve Cohen.

Steve 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.

March 26 (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 told Bloomberg News. Betty Liu reports on Bloomberg Television's "In The Loop." (Source: Bloomberg)

Enlarge image

Steven A. Cohen

Amanda Gordon/Bloomberg

Steven A. Cohen and Mary Pat Christie at the Robin Hood Foundation benefit on May 14, 2012.

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.

Warhol the world's most expensive artist based on auction prices in 2012?

Art auctions do not convince me or my art preferences. I am not convinced that Andy Warhol should be priced that high---or highest---in price of his art works in auctions. Yes, I admire the creativity and talent of the late Andy Warhol, but not to that extent. Even if I had the zillions, sorry, I wouldn't bid those astronomically highest prices for Warhol works but would bid for the works of others.

And even for artists whom I admire, I would still appreciate and assess each individual work on a case by case basis; for I believe there are Pablo Picasso works worth US$1 million dollars and others worth more than $100 million based on their individual quality, merits and attraction or meaning to me as an art admirer. Not all works are equal, even if all by the same artist.


(World's most expensive artist the late Andy Warhol, his image below sourced from edwardwillett.com)






(Formerly world's most expensive artist the Chinese painter Zhang Daqian 张大千, who lived from 1899 to 1983, his image below sourced from english.chinese.cn)







(Pablo Picasso image below sourced from publicdomainpictures.net)






(2012 the world's most expensive living artist Gerhard Richter, image below sourced from guardian.co.uk)







Here's a news report I want to share:

Andy Warhol Tops Pablo Picasso art auction sales, Richter Leading Living Artist

By Scott Reyburn - Jan 7, 2013 8:00 AM GMT+0800 Bloomberg

Andy Warhol has supplanted the Chinese ink painter  Zhang Daqian as the world’s biggest seller at auction.
Works by the U.S. pop artist fetched $380.3 million in sales in 2012, also beating  Pablo Picasso, according to figures compiled by the database Artnet (ART) for Bloomberg News. The two western artists -- who died in 1987 and 1973 respectively -- had totals exceeding those for 80-year-old Gerhard Richter, the top living artist, with Zhang tumbling to fourth place from first.

'Lotus and Mandarin ducks'

Artprice via Bloomberg

"Lotus and Mandarin ducks" by Zhang Daqian. The work fetched HK$191 million ($24.5 million) at Sotheby's in Hong Kong in May 2011.

"Lotus and Mandarin ducks" by Zhang Daqian. The work fetched HK$191 million ($24.5 million) at Sotheby's in Hong Kong in May 2011. Source: Artprice via Bloomberg

Attachment: Bloomberg Ranking: Art Appreciation

"Self-Portrait" (1963-1964) by Andy Warhol is synthetic polymer and silkscreen ink on canvas. Source:

Christie's via Bloomberg

"Nude, Green Leaves, and Bust" by Pablo Picasso. Source: Christie's via Bloomberg

'Nature morte aux tulipes'

Sotheby's via Bloomberg

"Nature morte aux tulipes," signed and dated 2 Mars XXXII (March 2, 1932), by Pablo Picasso. The oil-on-canvas painting is estimated at $35 million to $50 million.

"Nature morte aux tulipes," signed and dated 2 Mars XXXII (March 2, 1932), by Pablo Picasso. The oil-on-canvas painting is estimated at $35 million to $50 million. Source: Sotheby's via Bloomberg

"Abstraktes Bild (809-4)," a 1994 painting by Gerhard Richter. The painting was sold by the rock guitarist Eric Clapton in a Sotheby's "Frieze Week" auction of contemporary works in London on Oct. 12. The work sold for 21.3 million pounds ($34.2 million) -- more than 30 times what Clapton paid for it in 2001. Source: Sotheby's via Bloomberg.

The rankings reflect the increasing dominance of western postwar and contemporary works in the international art market. Auctions in this category at Sotheby’s, Christie’s International and Phillips de Pury & Co. in New York in November raised a record $1.1 billion, more than twice the total of the previous week’s Impressionist sales, where Picasso traditionally shines.


“Contemporary art is where the dynamic energy is at auctions,” Jonathan P. Binstock, senior adviser in postwar and contemporary art at City Private Bank Art Advisory & Finance, said in an interview. “The market is selective and concentrated on works by certain artists. The instant recognizability of masterpieces by Warhol and Richter makes them well suited to performing well.”


The ranking of auction sales for artists born after 1880 shows demand for Warhol barely exceeded the $379.4 million raised in 2011.


Warhol’s all-time auction sales climbed to $2.9 billion in 2012, while Picasso’s reached $5 billion.

Munch Record

This last year, Picasso lost his long-held reputation as the world’s priciest artist at auction. “The Scream” by Edvard Munch (1863-1944) became the most expensive artwork at a public sale when it fetched $119.9 million at Sotheby’s, New York, in May. The previous high had been the $106.5 million paid for Picasso’s “Nude, Green Leaves and Bust” in May 2010.


Picasso’s total auction sales were also down, slipping to $334.7 million last year from $366 million. The average sale price declined to $1.5 million from a record $1.6 million, according to data supplied by Artnet. All its figures include auction-house fees.


“Supply is the problem,” said the London-based art adviser Wendy Goldsmith. “There weren’t as many good examples from the right periods coming up for auction last year. The market still loves Picasso. People just don’t want to let them go.”

Statue Silkscreen

Picasso’s 1932 “Nature Morte aux Tulipes” was the 10th most expensive artwork sold at auction in 2012 when it fetched $41.5 million at Sotheby's (BID) New York in November. The following week, Warhol’s 1962 “Statue of Liberty” silkscreen raised $43.8 million at Christie’s.


The Spanish-born artist was top of Artnet’s rankings in 2010 with $386 million of auction sales.
Richter’s $298.9 million total in 2012 was a 48.8 percent increase on 2011, putting him in third place. The German painter ranked sixth in 2011.


Boosted by the record 21.3 million pounds ($34.2 million) for a 1994 abstract owned by Eric Clapton at Sotheby’s in October, Richter this year joined a select club of post-1880 artists whose all-time value of auction sales has exceeded $1 billion, according to  Artnet.


“It’s been an incredible two years for Richter,” Binstock said. “There’s a consensus that he belongs to the top echelon of artists. There’s intelligence in his market, though demand does tend to be specific for abstracts from the 1980s and 1990s.”


Auction sales of Zhang, who died in 1983, slumped to $241.6 million from $782.4 million. Economic and political uncertainty reduced domestic demand for Chinese art in 2012, dealers said.


Sales were relatively smaller for the former contemporary art market darlings Jeff Koons and Damien Hirst. Koons was ranked the 31st biggest-selling artist in the list with $43.8 million of sales, an increase of 5.1 percent on 2011. Hirst ranked 42nd with $28.9 million, a decline of 10.2 percent on the year before.

Picasso Painting of Lover Fetches US$41.5 Million in New York!

My comments:
The art works of the late genius painter Pablo Picasso are really spectacular, stunning and unique. I'm sharing latest news article on one of my favorite painters Pablo Picasso. This news is from Bloomberg...

By Katya Kazakina and Philip Boroff - Nov 9, 2012 8:30 AM GMT+0800

Picasso’s 1932 painting of his young mistress Marie-Therese Walter fetched $41.5 million tonight at Sotheby’s (BID) in New York.

Philip Hook, senior specialist at Sotheby’s London, bought it for a client on the phone.

"Femme a la fenetre (Marie-Therese)" (April 13, 1936) by Pablo Picasso. The painting is estimated at $15 million to $20 million. Source: Sotheby's via Bloomberg

Enlarge image

'Nature morte aux tulipes'

Sotheby's via Bloomberg

"Nature morte aux tulipes," signed and dated 2 Mars XXXII (March 2, 1932), by Pablo Picasso. The oil-on-canvas painting is estimated at $35 million to $50 million.

"Nature morte aux tulipes," signed and dated 2 Mars XXXII (March 2, 1932), by Pablo Picasso. The oil-on-canvas painting is estimated at $35 million to $50 million. Source: Sotheby's via Bloomberg

“Nature Morte aux Tulipes” is at once a portrait and a still life, depicting Walter’s sculpted white head on a pedestal next to a bouquet of tulips and some sexually suggestive fruit. It had been estimated to bring $35 million to $50 million.

The work was the top lot by estimate of Sotheby’s evening Impressionist and modern art sale, expected to bring more than $169 million.

The seller had been guaranteed a minimum undisclosed price, provided by Sotheby’s, a third party or a combination thereof, according to the catalog. A third party also provided Sotheby’s with an irrevocable bid on the lot, ensuring that the work will sell.

It sold for $28.6 million in 2000 at Christie’s in New York. Picasso’s paintings of Walter have been popular with collectors, surging since his “Nude, Green Leaves and Bust” went for $106.5 million at Christie’s in New York in 2010.

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

“Art washes away from the soul the dust of everyday life.” - Pablo Picasso

My Comment: Pablo Picaso is one of the best artists in the world whom I admire!





Pablo Ruiz y Picasso, more well-known worldwide as Pablo Picasso, was an outstanding Spanish painter, sculptor, printmaker, ceramicist, and stage designer

(Image below of the art work "Yo, Picasso" by Pablo Picasso)

Though not easily recognizable like his other works, Picasso’s 1901 self-portrait is highly prized on the fine art market. 

The painter's full name  is “Pablo Diego José Francisco de Paula Juan Nepomuceno María de los Remedios Cipriano de la Santísima Trinidad Martyr Patricio Clito Ruíz y Picasso”. 

• Artist: Pablo Picasso
• Year: 1901
• Year of Sale: 1989
• Sale Price: $47.85 million
• Currency Adjusted: $83.2 million

SAD & SHOCKING NEWS! 7 Stolen paintings from Dutch museum Rotterdam City included Monets, Picasso, Matisse and Gauguin!
The Kunsthal Rotterdam in the Netherlands lost seven valuable paintings in a theft at about 3:00 a.m. on October 16, 2012.

Those paintings were part of a special exhibition of 150 works in the Triton Foundation's collection as part of the museum’s 20th anniversary celebration.

After the thieves had set off an alarm and the police came within 5 minutes, but the art works and burglars were gone.


My comments:

How will these shameless---but definitely not tasteless!---thieves resell or financially benefit from stealing these 7 high-profile, well-documented art works by famous painters?

It seems there are more brazen art thefts in Europe nowadays?

Why was this museum so lax or careless in its security precautions? Will this incident alerts other museums and galleries worldwide?

Let all of us use the far-reaching power of the Internet and social media to spread the words as well as the images of these stolen art works, so no gullible or clueless people out there shall be victimized. Look at the 7 images below, do not forget them, do not buy them and report if seen...


(Matisse’s “La Liseuse en Blanc et Jaune")




(Monet's “Charing Cross Bridge, London”)



(Monet’s “Waterloo Bridge, London”)




(Gauguin’s “Femme Devant une Fenetre Ouverte, dite la Fiancee” )



(Lucian Freud's "Woman With Eyes Closed")



(Meyer de Haan’s “Autoportrait”)



(Picasso work“Tete d’Arlequin )




Below, I share one of the news reports about this art theft:


Thieves Exploited Security Flaw to Steal Monets, Picasso

By Catherine Hickley of Bloomberg. Oct 23, 2012

The thieves who stole seven paintings including works by Pablo Picasso and Claude Monet from the Rotterdam Kunsthal on Oct. 16 probably exploited a flaw in the locking security system, the museum said in a statement.

The museum said it has an electronic locking system that responds to the alarm. After some time, the electronic system deactivates automatically, although the doors remain mechanically locked, according to a Kunsthal e-mailed statement sent today.

“The investigation into the theft that took place on Monday evening has revealed that the burglars probably forced the locks” after the electronic locking system automatically deactivated, the Kunsthal said. Camera images show the burglary took just two minutes, the museum said.

Seven paintings, including works by Picasso, Monet, Henri Matisse, Paul Gauguin and Lucian Freud were stolen from the Kunsthal in the Dutch port city. The combined value may be as much as $130 million, making the burglary one of the most spectacular art heists of the last few decades.

The paintings stolen were Picasso’s “Tete d’Arlequin”, Monet’s “Waterloo Bridge, London” and “Charing Cross Bridge, London;” Freud’s “Woman with Eyes Closed;” Matisse’s “La Liseuse en Blanc et Jaune;” Gauguin’s “Femme Devant une Fenetre Ouverte, dite la Fiancee,” and Meyer de Haan’s “Autoportrait”.

Fire System

The museum has since made adjustments to its locking system, according to the statement. Its alarm, camera and entrance control systems were all inspected in the past months and a new fire alarm and smoke detectors were installed earlier this year, it said.

The theft took place at about 3.15 a.m. on Oct. 16, the Rotterdam-Rijnmond police said. Investigators have released camera pictures on which the faces of the thieves are unidentifiable. They are hoping that people may recognize the combination of two or more figures and their distinctive bags, a statement on the police website said. Investigators have received 60 leads so far, it said.