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etvfutures.com May 24, 2018


Picasso painting worth $70000000 damaged moments before going on sale

16 May 2018, 01:06 | Lucia Cruz

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

Bloomberg в США повредили автопортрет Пикассо стоимостью $70 млн

Picasso's 1943 work Le Marin, which was valued at $70 million (about £52 million), was withdrawn from last night's auction at Christie's in NY after what the auction house described as an accident on Friday.

The auction house said the damage happened on Friday "during the final stages of preparation" but not specify exactly what the damage was.

In NY, the auction took a self-portrait of Pablo Picasso "the Sailor" for the goal of restoration of the canvas. 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". It's worth is estimated at $70 million, according to Fortune magazine.

Casino mogul Steve Wynn owns the painting, and the incident marks the second Picasso piece he has owned to sustain damages in recent years.

Christie's said, "The painting has been withdrawn from the sale to allow the restoration process to begin".

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The auction house gave no further details on the incident or the extent of the damage. Wynn, who has an eye disease called retinitis pigmentosa which affects his peripheral vision, accidentally put his elbow into Le Rêve back in 2006.

Bloomberg reports Wynn has since chose to pull another Picasso painting, 1964's "Femme au chat assise dans un fauteuil" (woman with a cat), from the auction.

Bloomberg named Wynn - who resigned in February as chairman and CEO of Wynn Resorts after allegations of sexual misconduct - as the unidentified owner of the Picasso.

A third item from Wynn, Andy Warhol's 1963 "Double Elvis [Ferus Type]", will be go on sale May 17 as planned, according to Christie's. He has denied wrongdoing.



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