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This Hedge Fund Billionaire Spent $165 Million for this Painting!

17 June 2017

This Hedge Fund Billionaire Bought Lichtenstein’s ‘Masterpiece’ for $165 million

Haven’t heard that this hedge fund billionaire bought Lichtenstein’s ‘Masterpiece’ for $165 million!

Previously owned by Agnes Gund, the hedge fund billionaire bought this iconic painting for a lot of money!

The hedge fund billionaire who bought the painting, is a noted art collector and philanthropist, has paid a lot for it.

Agnes Gund sold the painting to fund a new criminal justice reform.

The previous owner sold Roy Lichtenstein’s 1962 Masterpiece to a billionaire hedge fund manager named Steve Cohen.

The sale happened months ago, with an art industry newsletter reporting the news in January, but Gund didn’t want to confirm it.

Why did she confirmed now?

What changed her mind we don’t know but we do know that she confirmed on Monday to The New York Times.

Now that the transaction became official, the painting is one of the 15 most expensive pieces of art ever sold.

This Hedge Fund Billionaire Bought Lichtenstein's 'Masterpiece' for $165 million
This Hedge Fund Billionaire Bought Lichtenstein’s ‘Masterpiece’ for $165 million

The newspaper confirmed that Gund sold the art piece. She sold it “for a specific purpose: to create a fund that supports criminal justice reform and seeks to reduce mass incarceration in the US.”

She is urging other rich art collectors to sell valuable pieces to support his efforts.

Gund says $100 million from that sale will go to the new Art For Justice Fund, described as a ‘movement to end mass incarceration.

“Other collectors have also promised gifts of art or donations to the fund, which is being managed by Rockefeller Philanthropy Partners and the Ford Foundation.

This Hedge Fund Billionaire Bought Lichtenstein's 'Masterpiece' for $165 million
This Hedge Fund Billionaire Bought Lichtenstein’s ‘Masterpiece’ for $165 million

“The fund will support efforts to cut the prison population and strengthen programs to help people when they leave prison,” Elizabeth reports.

Gund had to take action because six of her 12 grandchildren are African-American. She is worried about their future, particularly in the light of shootings of black teenagers.

‘I have always had an extreme sensitivity to inequality,’ Ms. Gund said.

“The criminal justice system in its current state,particularly in its treatment of people of color,is unfair and unjust.”

What is this fund going to do?

The fund will issue grants to groups and individuals working on issues of criminal justice reform. A lot of people will be safer.