$70M Picasso painting damaged before owner, CNY's Steve Wynn, can auction it

In the United States has damaged a painting by Picasso for $ 70 million

In the United States has damaged a painting by Picasso for $ 70 million

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.

It has not been specified how the pricey 1943 painting, "Le Marin (The Sailor)", was damaged, but it was reportedly an accident that occurred during final preparations on Friday. One weird twist: The painting belongs to former casino mogul Steve Wynn, who previously had bad luck with a different Picasso painting. 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". "We have taken immediate measures to remedy the matter in partnership with our client". Perhaps now he would say there is nothing as threatening as a billionaire owning one of his paintings.

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Christie's sold Picasso's 1905 "Filllete ala corbeille fleurie" ('Young Girl With A Flower Basket') for $115m last Tuesday, making it the Spanish artists most expensive piece ever sold at auction.

It was worth $139 million, before the damage. It comes a decade after Wynn accidentally put his elbow through another Picasso, "Le Reve", while showing it in his Las Vegas workplace.

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Wynn suffers from a disease that affects his peripheral vision, which may have played a role in the incident with "Le Rêve".

Wynn resigned as chief executive officer of Wynn Resorts Ltd.in February amid sexual-misconduct allegations. He declined to make any further comment. Christie's said it also pulled another of his paintings from the auction: Picasso's Femme au chat assise dans un fauteuil from 1964.

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