ibusinesslines.com August 18, 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"After consultation with the consignor today, the painting has been withdrawn from Christie's sale to allow the restoration process to begin", the NY auction house said in a terse statement.

'After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin.'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

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