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

Pablo Picasso painting worth $70 million damaged before auction

  Pablo Picasso painting worth $70 million damaged before auction Christie's auction house was forced to remove Picasso's 1943 "Le Marin (The Sailor)" from this week's event after the accident.Christie's auction house was forced to remove Picasso's 1943 work of art "Le Marin (The Sailor)" from this week's event after the painting sustained unspecified damage during its final preparations Friday.

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 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.

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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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The blue-chip art collector is the consignor of Andy Warhol' s million Elvis and Pablo Picasso ' s $ 70 million Le Marin. 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 $ 70 Million Work May 13, 2018, 5:20 PM EDT.

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 has finally parted with "Le Rêve," a painting of Pablo Picasso ' s mistress Marie-Thérèse Walter. Wynn sold "The Dream" to Steven Cohen, who owns the hedge fund SAC Capital, for a cool 5 million .

Steve was trying to acquire a Pablo Picasso work that at 9.4 million became the costliest painting ever to go under the auctioneer’ s hammer. Steve ’ s former wife, Elaine Wynn , who purchased a 1969 work by Francis Bacon showing “Three Studies of Lucian Freud,” held the previous record.

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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