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Financier to sell Richter painting at NYC auction

The Associated Press, Friday, September 21, 2012, 9:37am (PDT)

NEW YORK (AP) — A painting by German abstract artist Gerhard Richter that's owned by "king of hedge funds" Steven Cohen is going on the auction block in New York City.

Christie's says "Prag 1883" is estimated to sell "in the region of $15 million" on Nov. 14.

The title of the painting depicting swirling bright yellow, blue and red colors refers to the birthplace and birth date of Franz Kafka. Kafka was one of Richter's favorite authors.

Before it was acquired by Cohen, the monumental 1983 work was owned by the Duke of Bavaria.

Cohen is a self-made billionaire with a world-renowned collection of modern and contemporary art. He's the founder of SAC Capital in Stamford, Conn.

The current Richter auction record is $21.8 million for his "Abstract Picture (7938-3)."

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Online: www.christies.com

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