The recent insider trading investigations have honed in on Steven Cohen's SAC Capital Advisors. Ah. Art has entered the picture. Cohen is a voracious collector of contemporary art and is one of the top ten collectors (from a monetary perspective) worldwide. Here is a New York Times article on his influence on the art market. Here is a profile on Cohen in Business Week Magazine from 2003. Hedgies have been good customers of contemporary art and the closing of several funds has indeed had an adverse influence on the art market. This status-du-jour set of collectors has the potential to sully the good name of art if investigations again spill over from the finance world to the art world...
Big shadows of dread are creeping over Chelsea..
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