You know, I debated mightily before posting this, lest we give rise to rumors that Jews do well in finance. But then I considered my own meager IRA holdings and realized that, well, you can’t make generalizations.
So anyway, here goes about Hedge Funds and, of course the Fabulously Wealthy and Jewlicious individuals who run some of them and collect art. Expensive art.
For more than a century, successive generations of Wall Street titans have lavished their riches on art, hoping that a Monet or a CÃ©zanne might add a bit of polish to the rough edges of their deal making. Now, young, little-known billionaires who manage hedge funds are roiling the art market, using the vast pools of capital they have accumulated to snatch up some of the world’s most recognizable images.
Leading the way has been Steven A. Cohen, a publicity-shy hedge fund magnate living in Greenwich, Conn., who took home $350 million in 2003 and even more last year, according to people close to him.