Cohen Elbowed Out A Big Art Deal

Poor is not a word usually associated with Steven Cohen, but you got to feel for the guy after the SAC Capital founder lost out on a mega art purchase because of a misplaced elbow.

Poor is not a word usually associated with Steven Cohen, but you got to feel for the guy after the SAC Capital founder lost out on a mega art purchase because of a misplaced elbow. Cohen reportedly had agreed to pay casino mogul Steve Wynn $139 million for the Picasso masterpiece Le Reve – reportedly a record amount for a single painting. Before consummating the deal, Wynn invited over a group of friends, which included broadcaster Barbara Walters and writer Nora Ephron, to see the picture. At that gathering, Wynn regaled his guests with tales of the Picasso, while in his enthusiasm his elbow made contact with the artwork, leaving a “silver dollar” size and some other rips, or as Ephron has said: “The size of the tip of Steve Wynn’s elbow – with two three-inch long rips coming off it in either direction.” That gesture cost Wynn a $90 million profit from his 9-year-old investment, for who would pay full price for a holey work? According to media reports, Le Reve is now in the hands of a restorer who expects to return it to its former glory in about two months. As for Cohen, Wynn and his wife view the incident as a sign that the painting should hang just where it is. Cohen may be left disappointed but he can take solace in knowing he still has about 140 million bucks in his pocket.