Hedge Funds

Steinhardt changes tune on art?


It seems that hedge fund legend Michael Steinhardt has changed his art investment strategy. Last July, the former manager said that art prices had soared to ludicrous levels, a situation no doubt exacerbated by a new wave of art collectors that includes many top hedge fund managers.

But Steinhardt, who has spent more than $100 million on art in the last two decades, plunked down $2.1 million at Christie's on November 8 to outbid heavyweight art dealer Jeffrey Deitch for a Mondrian.