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

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A $70m Picasso self-portrait has been withdrawn from auction in NY after being "accidentally damaged", Christie's said.

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. Details, including how bad the damage is or how it happened, have not been disclosed.

'After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin.'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. "We have taken immediate measures to remedy the matter in partnership with our client". A self-portrait of Picasso from the auction took the current owner of the paintings of the American billionaire Steve Wynn, writes Bloomberg.

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

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Bloomberg reported Steve Wynn, a former casino owner and businessman, owned the painting, and had consigned it and two others to Christie's for auction. In 2006 the billionaire put his elbow through Picasso's 1932 "Le Reve" whilst showing it to guests in Las Vegas.

Thankfully experts were able to refurbish the classic painting, and Wynn went on to sell it for $155 million at auction. The total sale for the three was expected to be as high as $135 million.

Last Tuesday, Christie's sold Pablo Picasso's 1905 "Fillette a la corbeille fleurie" ("Young Girl With a Flower Basket") for $115 million, making it the Spanish master's second most expensive work ever sold at auction.

Wynn resigned as chief executive officer of Wynn Resorts Ltd.in February and stepped down as finance chairman of the Republican National Committee amid allegations of sexual misconduct.

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