Morgan Stanley Provides Billionaire Steven Cohen With Loan Secured by Art
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In November, Steven A. Cohen sold a portrait of Mao Zedong by Andy Warhol for more than $47 million. It is estimated that Mr. Cohen’s art collection is worth about $1 billion.CreditThe Andy Warhol Foundation for the Visual Arts, via Artists Rights Society
Steven A. Cohen, the billionaire investor and a renowned art collector, may be in a buying mood.
At the end of last year,Morgan Stanley’s private bank arranged a personal loan of an unspecified sum for Mr. Cohen. The loan is secured by “artwork collateral pieces” and related documents, according to a filing with the Connecticut secretary of state’s office.
It is not uncommon for wealthy art collectors to take out multiple lines of credit to fund purchases. In the past, Mr. Cohen, 59, has used similar personal loans from Deutsche Bank and other Wall Street banks to finance and defray the cost of some of his big art purchases, which have included works by Jeff Koons, Damien Hirst, Alberto Giacometti and Pablo Picasso. It is estimated that his art collection is worth about $1 billion…
Morgan Stanley Provides Billionaire Steven Cohen With Loan Secured by Art
