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Steve Cohen Is Not Only Buying Art From Sotheby's (BID), Now He Owns a 5.9% Stake In the Stock

March 9, 2009 4:25 PM EDT
Steve Cohen's SAC Capital raised its stake in auction house Sotheby's (NYSE: BID) to 3,952,027 shares, or 5.9%, from the 3,144,090 share stake held at the quarter ended Dec, 31 2008. SAC Capital did not show a stake in Sotheby in the prior quarter (Sept 30). A 13G indicates a passive investment of 5% or more.

This is interesting as the stock has been absolutely brutalized on the sinking art market.

It should also be noted that the billionaire hedge fund manager Cohen is also an avid art collector.

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SAC Capital, Steven A. Cohen, Hedge Funds