Sun, Dec 16, 2012 - Page 12 News List

The vultures begin to circle

By Katya Kazakina and Scott Reyburn  /  Bloomberg, New York

“Whether Steve Cohen owned the work neither adds nor detracts from its value,” Levin said of the Richter. “Provenance is a function of time and vision. And Cohen has been collecting seriously for about a decade. If he were to sell, he might take a loss depending on market timing.”

Jonathan Gasthalter, a spokesman for SAC, returned a telephone query from Bloomberg News on Nov. 30 by declining to comment on Cohen’s plans to buy or sell art.

“The market can absorb the loss of one collector,” said the London-based dealer Kenny Schachter. “It’s more a case of the vultures circling over what he’s bought. Cohen was always pruning and improving his collection. If he has to sell, his name isn’t a celebrity provenance that adds 25 percent to prices. The premium comes from knowing he always bought top quality.”

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