A second Picasso owned by former casino owner Steve Wynn was damaged recently.
A PICASSO self-portrait worth an estimated €60million has been withdrawn from an auction in the USA today after it was "accidentally damaged".
In NY, the auction took a self-portrait of Pablo Picasso "the Sailor" for the objective of restoration of the canvas.
In NY auction house Christie's took a self-portrait of Pablo Picasso "the Sailor" at a cost of 70 million dollars for the restoration. 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".
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"Christie's has a very high standard of care for the objects entrusted to us and we have taken immediate measures to remedy the matter in partnership with our client". Perhaps now he would say there is nothing as threatening as a billionaire owning one of his paintings. The painting had been worth $139 million before that, according to a lawsuit Wynn filed against the insurer, Lloyd's of London.
Wynn, who suffers from a disease that affects his peripheral vision, accidentally struck his Picasso "Le Reve" with his right elbow in 2006 while showing it to friends in his Las Vegas office, leaving a hole the size of a silver dollar. 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. He declined to make any further comment.
The auction house said that Picasso's 1964 portrait, Femme au chat...
In January, Wynn was hit by accusations from dozens of people in The Wall Street Journal alleging decades of sexual misconduct.