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Picasso piece sold for record $155 million

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A billionaire hedge fund manager set a record in the art world by purchasing Picasso's Le Rêve for $155 million — $16 million more than he first agreed to pay right before its previous owner tore a hole in it with his elbow, The Daily Mail reports.

Steven A. Cohen, of SAC Capital, bought the painting for himself after first agreeing to $139 million in 2006 from Vegas mogul Steve Wynn.

The former Bellagio owner put his elbow through the 1932 painting while he was showing it off to friends the day after the sale was agreed to and caused a six-inch tear in it, The Mail reports.

Mr. Wynn had the had the painting repaired and agreed to sell it to Mr. Cohen for $16 million more than the pre-damaged price.

"Steve bought Le Rêve as a gift to himself." a source told the New York Post. "... Steve has wanted that painting for a long time."

The price is estimated to be the highest ever paid for an artwork by a U.S. collector, The Mail reports.

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