Who is Steve Cohen?

Steven A. Cohen is a renowned American businessman. Born on June 11, 1956, he is an American hedge fund manager who has been the owner of the New York Mets in Major League Baseball since September 14, 2020, holding approximately 97.2% ownership of the team. Additionally, he is the founder of the hedge fund Point72 Asset Management and formerly operated the now-defunct S.A.C. Capital Advisors, with both firms headquartered in Stamford, Connecticut.

Cohen's career began at Gruntal & Co. in the early 1980s, where he honed his skills as a trader and investor. Later, he founded his own hedge fund, SAC Capital Advisors, which grew into one of the most successful and profitable hedge funds in the world. However, SAC Capital faced legal issues, culminating in a settlement with the U.S. government in 2013, which resulted in the firm returning outside capital and becoming Point72 Asset Management, a family office.

Despite the legal challenges, Steve Cohen remains a prominent figure in the financial industry. He is known for his exceptional trading skills and ability to generate consistent returns for his investors. His approach to investing is often characterized by a deep understanding of market dynamics and a keen sense of risk management. According to Forbes, Cohen's wealth is currently estimated at $13.6 billion.

Cohen is also recognized for his philanthropic efforts. He has made substantial donations to various causes, including education, healthcare, and the arts. The Steven and Alexandra Cohen Foundation, established by Cohen and his wife, has been instrumental in supporting initiatives related to veterans' mental health, children's healthcare, and more.

In addition to his financial and philanthropic pursuits, Steve Cohen is a passionate art collector. He owns an extensive collection of contemporary and modern art, and his involvement in the art world has further solidified his reputation as a multifaceted and influential figure.

Steve Cohen’s art collection

Steve Cohen's art collection is renowned as one of the most extensive and valuable private art collections in the world. Cohen's art interests and collection began with Impressionist painters, including acquisitions of works by Manet and Monet. Subsequently, he made a rapid shift into the realm of contemporary and modern art, a realm he holds a profound passion for. His collection stands as a testament to his exceptional taste and unwavering dedication to the world of art.

Steve Cohen and his wife, Alexandra Cohen, embarked on their art collection journey in 2000, amassing an extensive body of work. The Cohens' art collection spans a wide range of styles and mediums, including paintings, sculptures, and other forms of visual art. Their remarkable collection includes masterpieces by celebrated artists. They own an extensive collection that would leave numerous museums envious, showcasing artworks by renowned figures such as Pablo Picasso, Jasper Johns, Jackson Pollock, Andy Warhol, and Peter Doig. Furthermore, within their collection there are sculptures created by prominent artists such as Jeff Koons, Richard Serra, Keith Haring, and many more. These artworks often command astronomical prices at auctions and are considered highly coveted pieces in the art market.

Among the more unusual items within Cohen's collection is Marc Quinn's "Self," a self-portrait sculpture created from Quinn's own blood, which has been frozen. Another notable piece is "The Physical Impossibility of Death in the Mind of Someone Living," often recognized by casual observers as the shark artwork. This 1991 creation by British artist Damien Hirst comprises a 14-foot tiger shark preserved in a formaldehyde solution, encased in steel and glass. Cohen acquired it in 2004 for $8 million. When the shark's condition began to deteriorate, Cohen paid Hirst over $100,000 for its restoration.

His reputation primarily stems from his penchant for acquiring what is often referred to as "trophy" art, which comprises iconic works by renowned artists. Notable examples include a Jackson Pollock drip painting he acquired from David Geffen for $52 million. In 2006, Cohen made an ambitious attempt to make the most expensive art purchase in history by offering $139 million to purchase Picasso's "Le Rêve" (The Dream) from casino tycoon Steve Wynn. However, an unfortunate incident occurred the following day when Wynn accidentally punctured the canvas with his elbow while displaying the painting to a group of friends. This mishap resulted in a six-inch tear that necessitated a $90,000 repair, significantly diminished its appraised value by tens of millions of dollars, and embroiled Wynn in a legal dispute with his insurer (which was later resolved out of court). In 2013, Cohen and Wynn rekindled their connection, and Cohen acquired "Le Rêve" once again, this time for a staggering $155 million. This transaction marked the highest price ever paid for an artwork by an American collector at that time.

In 2015, he was unveiled as the purchaser of Alberto Giacometti's "L'Homme au doigt" (1947), marking it as one of the most expensive artworks ever auctioned. In May 2019, Cohen acquired Jeff Koons's "Rabbit" for a staggering $91.1 million, and this acquisition was facilitated by Robert Mnuchin. At the time, it stood as the highest-priced artwork ever sold by a living artist at auction.

Larry Gagosian, the esteemed art dealer and close friend of Cohen, remarks on the astounding collection, saying, "It’s mind-blowing what he’s put together. When you go to his home, you just see museum quality and beyond, incredible art you just don't find in private homes.”

Cohen stores a significant portion of his collection in Point72's offices, which are located in Stamford, Connecticut, as well as in New York, London, and Asia. The artworks are rotated among these offices approximately every three months. The artwork "Gasthof," created by Peter Doig between 2002 and 2004, is a semi-surreal, partially self-portrait. In 2014, it was auctioned at Christie's and acquired by Larry Gagosian, who serves as Cohen's art dealer, for just shy of $17 million. This piece is among the many artworks which he regularly rotates among the offices of Point72.

One of the notable aspects of Cohen's collection is his willingness to support emerging and lesser-known artists. Besides acquiring artwork through Gagosian, auctions at Sotheby's and Christie's, and private collectors, Cohen actively searches for new pieces created by lesser-known painters. He's known to venture to places like a Brooklyn studio, where he'll ascend four flights of stairs to inspect a painting by an emerging artist. Cohen has a penchant for collecting artists who haven't yet achieved full recognition and validation in the art market.

Cohen's dedication to the world of art extends beyond collecting. He plays an active role in the art community and is a contributor to various museums. The Cohens have generously supported several institutions, including the Guggenheim, the Museum of Modern Art, El Museo del Barrio, and the Rock and Roll Hall of Fame. Notably, in 2017, they made a substantial donation of $50 million to facilitate the expansion of the Museum of Modern Art.

As of November 2015, his art collection was valued at approximately $1 billion, underscoring Steve Cohen's enduring passion for art, which is a significant aspect of his persona. Reportedly, Cohen is in the process of constructing a private museum on his Greenwich property for some of his artwork.