New York (HedgeCo.Net) – The former manager of the now shut down hedge fund Exis Capital Management is selling off around 400 pieces of artwork, Bloomberg reports. Sotheby’s will start selling the pieces in New York this summer. The auction house said the art is valued at approximately $70 million.
The hedge fund shut down after being sued in a short selling scandal.
Adam Sender started his career at Steve Cohen’s SAC Capital before starting Exis in 1998. He graduated from the University of Michigan with a degree in history.
Bloomberg reports: Sherman’s photo “Untitled #93,” which Sender bought in 1998, is estimated at $2 million to $3 million, according to Sotheby’s. The color photograph from Sherman’s series known as “Centerfolds” fetched $96,000 at Christie’s in New York in 1998, according to the auction price database compiled by Artnet Worldwide Corp. John Baldessari’s “Commissioned Painting: A Painting by Edgar Transue,” purchased in 2001, may bring $2 million to $3 million. Prince’s “Untitled (Cowboy),” which was also acquired in 2001, is valued at $1 million to $1.5 million.”
“I never could have envisioned the adventure I was embarking on, the passion and at times obsession I would come to have for collecting,” Sender said in a statement, according to Bloomberg. “I was trying to buy the very best work,” Sender said in a 2011 interview. “It was not possible to afford the very best Warhols but you could buy a masterpiece by Richard Prince for $100,000 or $150,000.”
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