Damaged Picasso withdrawn from auction

Damaged Picasso withdrawn from auction

An original Picasso painting has been pulled from an upcoming auction after it was accidentally damaged.

The auction house didn't specify the extent or cause of the damage to Le Marin (The Sailor).

The masterpiece, which belongs to former casino mogul Steve Wynn, was expected to fetch a whopping $70 million in Tuesday's auction.

Wynn, who was forced to sell his shares of Wynn Resort because of sexual misconduct allegations, was personally responsible for damaging another Picasso painting several years ago. Details, including how bad the damage is or how it happened, have not been disclosed.

Malaga-born Pablo Picasso's Le Marin (The Sailor), painted in 1943, will not now be going under the hammer in NY today.

"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".

It was worth $139 million, before the damage. Perhaps now he would say there is nothing as threatening as a billionaire owning one of his paintings. A restorer said the repaired painting was worth $85 million, according to the lawsuit.

Wynn suffers from a disease that affects his peripheral vision, which may have played a role in the incident with "Le Rêve". He accidentally ripped a hole in another Picasso, "Le Reve", when he hit it with his elbow in 2006, but had it successfully refurbished and sold it to hedge fund titan Steve Cohen for $155 million in 2013. He declined to make any further comment.

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.