Financier to sell Richter painting at NYC auction
by AP News Now
September 21, 2012 01:30 PM | 870 views | 0 0 comments | 5 5 recommendations | email to a friend | print
NEW YORK (AP) — A painting by German abstract artist Gerhard Richter that’s owned by "king of hedge funds" Steven Cohen is going on the auction block in New York City.

Christie’s says "Prag 1883" is estimated to sell "in the region of $15 million" on Nov. 14.

The title of the painting depicting swirling bright yellow, blue and red colors refers to the birthplace and birth date of Franz Kafka. Kafka was one of Richter’s favorite authors.

Before it was acquired by Cohen, the monumental 1983 work was owned by the Duke of Bavaria.

Cohen is a self-made billionaire with a world-renowned collection of modern and contemporary art. He’s the founder of SAC Capital in Stamford, Conn.

The current Richter auction record is $21.8 million for his "Abstract Picture (7938-3)."

Comments
(0)
Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, and spam will also be rejected. Please read our terms of service for full guides