After a poor 2013 where Exis Capital only brought in 75 million, which by a hedge fund manager’s standards is poor, Adam Sender has decided to hang it up. Along with this turn of fortune for a once prodigious hedge fund manager who cut his teeth under the wing of Steve Cohen, notorious SAC Capital for allegedly bringing down Lehman Brothers in 2008, the Exis group began to take in water after a lawsuit from Fairfax Financial. The time was ripe for a big art sale. Adam Sender found that tables had turned on his fortunes and so parting with 400 of his fabulous young artists collection would be taking place over a year’s time.
During his rise to hedge fund stardom, starting in the 1990s Adam Sender began to purchase Contemporary Art from young artists who after graduating from art schools, around their second year as professionals, he enjoyed researching and choosing talented artist’s art works. Todd Levin had become very familiar with the 400 works that Adam Sender has chosen to sell from his massive collection of over 1000 pieces. He had been assigned the position of curator of the collection.
Sender’s ability to make value added trades in the hedge fund arena also extended to the art collection arena. He had purchased a number of works and sold 40 of them for $20 million dollars. The planned sale of 400 pieces of art is from Sender’s massive Contemporary Art Collection. It is predicted that based on the value of many of the paintings of 139 artists and a total of 400 works could raise $70 million dollars during the next 18 months that they will be on display.
Some of the works being considered are Sherman’s photo, “Untitled #93.” This could sell for as low as $2 million and as high as $3 million dollars, based on Sotheby’s estimates. These figures could arise because of the great interest in the pieces. There is great interest in John Baldessari’s painting “Commissioned Painting: A Painting by Edgar Transue,” This one was purchased in 2001 by Sender. It has a potential value of $2 million to $3 million dollars. Another work called “Untitled Cowboy,” has a value ranging between $1.0 to $1.5 Million.
At the sale when Adam Sender originally purchased some of these works, he said that “I was trying to buy the very best work,” this he said during a 2011 interview with Bloomberg News. He went on to say that his aim was to get the most value and he believed he did so because at the time it was not feasible to purchase the best Andy Warhols, yet he could get masterpieces by Richard Prince from prices between $100,000 and $150,000.
The sales during the year at Sotheby’s are expected to bring more than $70 million dollars from the closing of the Exis Fund offices which was one of the main locations that many from his collection were displayed.