Hedge-Fund Managers Cohen, Griffin, Sender Are Top Collectors

Date: Thursday, July 19, 2007
Author: inda Sandler, Bloomberg

July 19 (Bloomberg) -- U.S. hedge-fund managers Steven Cohen, Kenneth Griffin, Adam Sender, David Ganek and Daniel Loeb are among the world's 200 most active art collectors, according to a list compiled by the magazine ARTnews.

Griffin, who runs the $14 billion Citadel Investment Group LLC, also joined Cohen in the ranks of the 10 most active art buyers, as did buyout king Henry Kravis of Kohlberg Kravis Roberts & Co. and Charles Schwab, who runs the biggest discount brokerage. They displaced Leon Black, Stephen Wynn and Leslie Wexner from last year's list of the top 10 collectors, according to the New York-based magazine's Web site.

Hedge-fund managers in the art market ``combine the means, the aggression, the enthusiasm, and access,'' Michael Findlay, a director of Acquavella Galleries in New York, told ARTnews. ``It's another forum to demonstrate the same kind of acumen'' as they display in business.

While ARTnews doesn't say how much buyers spent, the alphabetical lists of the top 10 and top 200 include many U.S. fund managers and real-estate developers such as Aby Rosen who purchase art at contemporary auctions and fairs. The publication's 17th annual ranking was compiled after interviewing collectors, dealers and other art professionals.

Top U.K. art buyers include Web gallery owner Charles Saatchi, jeweler Laurence Graff and Islamic art collector Nasser Khalili. Collectors are listed alphabetically and are identified on the top 200 list only by the cities they're based in as well as their focus -- contemporary or modern or other areas of art.

Eli Broad

There are few Middle Eastern, Russian or Asian names, though such collectors have buoyed auctions and art fairs in the past two years as emerging economies boomed.

Top 10 collectors include the billionaire Eli Broad, who made his fortune in home building and other investments, the cosmetics magnate Leonard Lauder, Mitchell Rales of Danaher Corp., France's Francois Pinault, Israel's Sammy Ofer and Saatchi, whose wealth comes from advertising. They all were on the top 10 list last year.

Contemporary art prices have gained 50 percent this year and have quadrupled in 10 years as fund managers were enriched by fees and profitable investing. Collectors including Broad have said a fall in prices is in the cards.

Here is a list of the top 10 collectors in ARTnews:

Eli Broad
Steven Cohen
Kenneth Griffin
Henry Kravis
Ronald Lauder
Sammy Ofer
Francois Pinault
Mitchell Rales
Charles Saatchi
Charles Schwab

To contact the reporter on this story: Linda Sandler in London at lsandler@bloomberg.net .