A Picasso Painting Owned by Steve Wynn Was Damaged-Again

BERTRAND GUAY  AFP  Getty Images

The Picasso self-portrait had been due to be included in Christie's May 15 Impressionist and Modern Art Sale in NY.

His plan to sell a Picasso valued at US$70 million (S$94 million) at auction this week was derailed after the painting was "accidentally damaged" at a pre-sale exhibition last week.

"The painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin", the auction house said in a brief statement.

Wynn has suffered problems over a damaged Picasso masterpiece in the past.

Christie's is also not saying how badly "Le Marin" was damaged.

Bloomberg reported Steve Wynn, a former casino owner and businessman, owned the painting, and had consigned it and two others to Christie's for auction. Picasso's "Young Girl with a Flower Basket" netted $115 million, which was the second-highest sale at auction by the legendary artist, according to the Associated Press. The painting had been worth $139 million before that, according to a lawsuit Wynn filed against the insurer, Lloyd's of London. A restorer said the painting was only worth $85 million once it had been fixed, but that didn't stop Steve Cohen from buying it for $155 million more than six years later, topping his original offer by $16 million.

In 2006, the billionaire accidentally poked an elbow through Picasso's 1932 "Le Reve", while showing it off to guests in Las Vegas.

The nature and extent of the damage to "Le Marin" remains unclear.

Wynn resigned as chief executive officer of Wynn Resorts Ltd.in February and stepped down as finance chairman of the Republican National Committee amid allegations of sexual misconduct.

Related News:



Most liked

NIMA ROOZ: Taliban Attacks Farah City
The Taliban urged the Afghan nation to boycott the elections and said that the country was "occupied" by foreign forces. The Taliban assault was the biggest by the group since the militant regime was ousted from power in 2001.

Facebook reports spike in violent content
That doesn't include what Facebook says are "millions" of fake accounts that the company catches before they can finish registering.

Tornado watch issued for part of NJ as storms sweep across state
Brief, heavy downpours could produce street flooding/flash flooding...in some areas it may coincide with the evening commute. A line of strong storms will move through between 4 p.m. and 8 p.m., Meteorologist Chris Lambert said.

Cannes leaders sign gender equality plegde following protest
France has the best ratio among the major film-producing countries with 23 per cent of films directed by women. In the years since, she noted, 1,688 male directors have made the same trek.

Fuel prices reach record highs, diesel prices highest in 56 weeks
Prices of petrol at wholesale hubs have risen from $78.84/ barrel on May 23 to $82.98 and diesel from $84.68 to $88.63. These increase in fuel prices has given rise to renewed calls to the Government of India to cut excise tax rates.

The Newest: Catalan candidate guarantees work for independence
The absence of its votes will leave father of three Torra with the simple majority needed to be elected regional president. Torra is an MP from Puigdemont's pro-independence party, Together for Catalonia (JxCat).

Goalkeeper Ederson commits future to champions Man City
City are due to celebrate their title success with an open-top bus parade through the streets of Manchester on Monday. They've got a hell of an opportunity to go and do that.

'I said yes y'all!' - Taraji P Henson reveals engagement
Interesting post? Please share! She first spoke about her relationship in December 2017, saying she was "very happy". Aww! Taraji and Hayden made their relationship public December, last year.

Nanny to be sentenced in killing of two kids
But Judge Gregory Carro referred to Ortega as "pure evil" and said she should spend the rest of her life in prison. Stuart Silberg, the lead prosecutor, had urged the judge to sentence her to life without parole.

Centre submits draft scheme on Cauvery water sharing before Supreme Court
The scheme is more or less similar to the Cauvery Management Board contemplated in the tribunal award. According to the draft scheme, the proposed authority would be headquartered in Bangalore.

Filmmaker Says Mitt Romney Unjustly Labeled Robert Jeffress a Bigot
I'm going to be thanking God for the strong leadership of Benjamin Netanyahu, who is absolutely determined to protect Israel. Bush, objected in particular to past comments by both Jeffress and Hagee that were critical of the Roman Catholic Church.

Hawaii News Now: Melania Trump undergoes surgery for benign kidney condition
Monday evening, the president posted on Twitter that he was heading over to the military medical facility to see the first lady. Now and then: Was Melania Trump happier BEFORE she was First Lady? He is expected to visit the hospital shortly, Grisham said.

Gas prices on the rise in Rockford
The company says the busiest days will be Thursday, May 24 and Friday, May 25, as commuters mix with holiday travelers. You may have noticed, gas prices are on the rise and hitting levels not seen in more than three years.

Apple facing class action lawsuit over defective MacBook Pro keyboards
However, according to this lawsuit, that warranty is not enough as the core functionality of these laptops has been impacted. The new mechanism replaced the scissors-shaped one, which is the default key switch mechanism for most laptop keyboards.

Flipkart Big Shopping Days sale: Best offers on smartphones
While the price now starts at Rs 7,999, the deal will see the price further drop, although the new price hasn't been revealed yet. Besides customers can get a buy back of Rs. 5000 off the listed price. iPhone X features 5.8 inch Super Retina HD display.