Steven Cohen has built one of the world’s best Contemporary art collections over the last seven years spending several hundred million dollars to do so. Sometime this autumn, he began collecting Sotheby’s stock. Now SAC, the hedge fund that bears his initials has become one of the largest holders of Sotheby’s stock according to Streetinsider.com which went through the auction house’s 13G:
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.
At 5.9% or 4.7%, according to other sources, SAC is still not in the top five holders of the auction house’s stock.