Friday, 25 May, 2018

Damaged Picasso Painting Worth $70M Pulled From Auction

In the United States has damaged a painting by Picasso for $ 70 million Steve Wynn's $70M painting yanked from auction; a different one was damaged years ago
Nellie Chapman | 15 May, 2018, 16:49

A Picasso self-portrait estimated to be worth $70 million and due to go under the hammer in NY on Tuesday, has been "accidentally damaged" and withdrawn from auction, Christie's said.

But the painting was pulled shortly before it was due to go under the hammer, with the auction house announcing the artwork was "accidentally damaged Friday during the final stages of preparation" and that it would now require restoration. According to United States media, it belongs to former casino magnate Steve Wynn.

'After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin.'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

Malaga-born Pablo Picasso's Le Marin (The Sailor), painted in 1943, will not now be going under the hammer in NY today. The painting was one of three owned by Wynn scheduled to be auctioned by Christie's this week.

According to Christie's auction house catalogue, "As it would have been clearly understood at that time - the flowers were a come-on, she was actually a prostitute".

"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".

The painting is titled "Le Marin".

In 2006, Wynn put his elbow through "Le RĂªve", another Picasso he owned, while showing it to friends. 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.

According to Bloomberg, Wynn suffers from a disease that affects his peripheral vision. CNN reports he received $2.1 billion when he sold his stake in Wynn Resorts in March.