Hedge Fund Hunk Leon Black Buys a Painting for $120 million

New York hedge fund hunk  Leon Black was the anonymous winner of an auction in May for Edvard Munch’s 1895 pastel, The Scream.

Hedge Fund manager Leon Black is one of a handful of billionaires whose lavish art spending has transformed the international art market in recent years, fueling the proliferation of art fairs and ratcheting up prices for all sorts of artworks. His $750 million collection already includes drawings by Vincent van Gogh and Raphael, watercolors by J.M.W. Turner, cubist paintings by Pablo Picasso and ancient Chinese bronzes. Three years ago, Mr. Black paid Christie’s $47.6 million for a Raphael chalk drawing, ‘Head of a Muse,’ a record auction price at the time.

Hedge Fund hunk has Net Wort of  $3.4 billion, Black is the chairman of investment firm Apollo Global Management, which manages global assets worth $105 billion. According to Forbes, Apollo made billions in 2009 as a direct result of the economic crisis, investing in distressed debt and effectively betting on the Obama administration’s extension of handouts of trillions of dollars to cover the toxic investments of the elite.

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