A Picasso Painting Owned by Steve Wynn Was Damaged-Again

A Picasso Painting Owned by Steve Wynn Was Damaged-Again

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"The painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin", the auction house said in a brief statement.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

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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.

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