REPORT: Ken Griffin dropped $500 million on 2 contemporary paintings

Citadel CEO Ken Griffin has set a new record for contemporary art collectors.

The billionaire has bought two paintings for a combined $500 million, CNBC reports.

Griffin reportedly bought a Willem de Kooning and a Jackson Pollock.

The de Kooning is now believed to be the most expensive work of contemporary art ever sold, according to CNBC.

It’s also believed to be the second-most expensive piece of art sold on record.

Griffin has loaned both works to the Art Institute of Chicago.

An art collector for 20 years, Griffin in November voiced convers about the art market.

He said it’s dominated by investors, rather than collectors, which is problematic because it’s such an opaque market.

Griffin’s hedge fund, Citadel, this week cut more than a dozen employees, including portfolio managers, in its Surveyor Capital arm,The Wall Street Journal reported.

The cuts followed losses for the firm in 2016.

See more, via CNBC:

JUST IN: Citadel’s Ken Griffin sets new record for price tag of contemporary art, buying 2 paintings for $500M.

— CNBC Now (@CNBCnow) February 18, 2016

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