World Steve Wynn’s Bad Luck With Picasso Goes On With $70 Million Work

04:55  14 may  2018
04:55  14 may  2018 Source:   bloomberg.com

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Steve Wynn ’ s plan to sell a Picasso valued at $ 70 million at auction this week was derailed after the painting was damaged Friday -- a dozen years Sources say Wynn is the consignor behind works by Warhol and Picasso at next month' s sales. Steve Wynn ’ s Bad Luck With Picasso Goes On With

Steve Wynn ’ s plan to sell a Picasso valued at $ 70 million at auction this week was derailed after the painting was damaged Friday -- a dozen Both withdrawn paintings had been guaranteed by Christie’s and backed by third-party guarantees. The withdrawal of a work from sale removes any guarantee

Billionaire Steve Wynn, chairman and chief executive officer of Wynn Resorts Ltd., speaks during an interview in Macau, China, on Monday, Aug. 15, 2016.: Steve Wynn’s Bad Luck With Picasso Goes On With $70 Million Work© Bloomberg/Bloomberg Steve Wynn’s Bad Luck With Picasso Goes On With $70 Million Work

Steve Wynn’s plan to sell a Picasso valued at $70 million at auction this week was derailed after the painting was damaged Friday -- a dozen years after the billionaire collector and former casino magnate put his elbow through another masterpiece by the artist.

Christie’s withdrew “Le Marin,” a self-portrait painted in 1943, from its auction this Tuesday for restoration, it said in a statement. It declined to comment on the nature or extent of the damage. A spokesman for Wynn couldn’t immediately be reached for comment.

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Steve Wynn ’ s plan to sell a pair of Picasso paintings for a high estimate of 5 million was derailed after the more expensive of the Billionaire’s plan upset after $ 70 million painting is damaged. Casino mogul had previously put his elbow through ‘Le Reve’. Picasso Work Damaged Before Auction.

Billionaire Steve Wynn ' s Picasso piece Le Marin was set to be auctioned off on Tuesday, but has been withdrawn for damage. Steve Wynn ¿ s Bad Luck With Picasso Goes On With $ 70 Million Work - Bloomberg.

The painting, which measures a little more than four by two and a half feet, was one of three Wynn consigned to Christie’s for sale this week for a total of as much as $135 million, according to the auction house’s estimates.

Conor Jordan, deputy chairman of impressionist and modern art at Christie's looks to Pablo Picasso's 'Le Marin'.© PHILIP FONG/AFP/Getty Images Conor Jordan, deputy chairman of impressionist and modern art at Christie's looks to Pablo Picasso's 'Le Marin'. In 2006, Wynn, who suffers from a disease that affects his peripheral vision, accidentally struck his Picasso “Le Reve” with his right elbow while showing it to friends in his Las Vegas office, leaving a hole the size of a silver dollar. The painting was worth $139 million before it was damaged, according to a lawsuit Wynn filed against the insurer, Lloyd’s of London. A restorer said the repaired painting was worth $85 million, the suit said. Hedge fund titan Steve Cohen bought it from Wynn in 2013 for $155 million.

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Steve Wynn ’ s Bad Luck With Picasso Goes On With $ 70 Million Work . Bloomberg. President Trump says he's working to give ZTE a reprieve. TechCrunch. BMW's wireless car charging pad arrives this summer.

For “Le Marin,” Christie’s had assured the seller of a minimum price and found a third-party guarantor to bid for the work at auction. The withdrawal of a work from sale removes any guarantee made for the transaction, Christie’s said, adding that its consignment contracts “have insurance provisions to cover damage and other contingencies.”

Wynn resigned as chief executive officer of Wynn Resorts Ltd. in February amid sexual-misconduct allegations. He has denied any wrongdoing.

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