The preferred method of decoration for Wall Streeters involves high-priced art. Picking up where legendary pop art and abstract impressionist dealer Leo Castelli left off is music mogul David Geffen, who sells Warhols, de Koonings, Pollocks and Picassos to the hedge fund upper crust.
In November 2006, Cohen paid Geffen $137.5 million for "Woman III" by de Kooning. One month before, Kenneth Griffin, managing director of Citadel Investment Group, paid Geffen $80 million for "False Start" by Jasper Johns.
This type of spending may seem indulgent, but when you're Renaissance Technologies' Chief James Simons making $1.5 billion a year, or BP Capital's T. Boone Pickens pulling down $1.1 billion per annum, you might as well enjoy the money.
"The super wealthy are open to suggestion and adventure," said Popham. "My suggestion to them is to spend the money, and sometimes people need that push."