Steve Wynn’s plan to sell a pair of Picassos for a high estimate of $105 million was derailed after the more expense painting was damaged Friday — a dozen years after the billionaire collector and erstwhile casino magnate put his elbow through another masterpiece by the artist.
“Le Marin,” a 1943 self-portrait, was damaged Friday “during the final stages of preparation” for auction Tuesday and pulled from the block, Christie’s said in a statement. It declined to comment on the nature or extent of the damage. Lin Wood, a spokesman for Wynn, declined to comment.
The painting, which measures a little more than 4-by-2 1/2 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. On Monday, Christie’s said it pulled another Picasso from the auction — a 1964 portrait of a woman with a cat, “Femme au chat assise dans un fauteuil,” estimated at $25 million to $35 million. That’s also owned by Wynn.
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. 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 repaired painting was worth $85 million, according to the lawsuit. Hedge fund titan Steve Cohen bought it from Wynn in 2013 for $155 million.
For “Le Marin,” Christie’s had assured the seller of a minimum price and found a third-party guarantor to bid for the piece 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 wrongdoing.
This article was provided by Bloomberg News.
