ibusinesslines.com
ibusinesslines.com May 26, 2018


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

16 May 2018, 01:06 | Justin Tyler

Steve Wynn in a 2016

Steve Wynn in a 2016

The painting was one of three that Mr Wynn had consigned to Christie's for sale this week for a total of as much as US$135 million, according to the auction house's estimates.

Pricey mistake: A Picasso worth an estimated $70 million had to be yanked from an auction at Christie's this week because it sustained damage as workers were preparing it.

"After consultation with the consignor today, the painting has been withdrawn from Christie's sale to allow the restoration process to begin", the NY auction house said in a terse statement.

'After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin.' Christie's said.

Twelve years after Wynn inadvertently knocked a small hole in the canvas of a Picasso painting, the onetime casino mogul's plan to sell two other Picasso pieces has been knocked off track.


Christie's added, "No further information is available at this time".

Neither would it be Wynn's first Picasso to come to a cropper. Another Picasso work Wynn owned, Femme au chat assise dans un fauteuil, was also pulled from sale, as reported by Bloomberg.

Wynn has suffered problems over a damaged Picasso masterpiece in the past. It comes a decade after Wynn accidentally put his elbow through another Picasso, "Le Reve", while showing it in his Las Vegas workplace. A restorer said the repaired painting was worth US$85 million, the suit noted. It was restored and the hedge fund tycoon Steve Cohen purchased it for $155 million in 2013.

In February Wynn was forced to resign from the company he founded, Wynn Resorts, amid sexual harassment allegations.



Other News

Trending Now

Rainbow Six Siege's season 2 & new map details here
A full reveal of Villa is scheduled for May 19-20th, where it will be shown off at Rainbow 6 Siege's Pro League Finals. Along with that, while three Speed operators getting slower, one Speed operators is getting a little bit faster.

Khloe Kardashian Reveals Who Suggested the Name 'True' for Her Daughter!
Feud between Caitlyn and the Kardashian women started back in 2015, when the former revealed her identity as a transgender woman. True turned one month on Saturday, and in celebration Kardashian shared clear videos of her daughter for the first time .

Best-Selling Writer Tom Wolfe Dies At Age 88
He is survived by his wife, Sheila, and two children Tommy and Alexandra. He then attended Yale, where he earned a Ph.D.in American Studies.

Twitter to start hiding comments from suspected 'trolls' in conversations
Harvey and Gasca said that there are many new signals that Twitter is taking in, most of which are not visible externally. However, some believe it has not gone far enough and still has work to do.

Nwankwo, Lokosa, Ajiboye make W'Cup list
Francis Uzoho, Ikechukwu Ezenwa, Dele Ajiboye and Daniel Akpeyi are battling for the team's goal keeping spot. I'm honoured to be listed in the World Cup provisional squad.

Manchester City's Premier League title parade draws around 100k fans
Aguero, who has a knee injury, has been given permission to report for worldwide duty early ahead of the World Cup . Silva, who was given leave whenever he requested it during the season, sent a recorded message.

WhatsApp Revamps Group Chats With New Tools
Participant search: This new feature will let you find anyone in a group by searching for participants on the group info page. Protection: What has also introduced protection so users can not be repeatedly added to groups they have left.