Saturday, 26 May, 2018

Damaged Picasso withdrawn from auction

Despite leaving a silver dollar sized hole in Le Reve it was restored bringing down its value from $139million to $85million. The painting In the United States has damaged a painting by Picasso for $ 70 million
Frank Williams | 16 May, 2018, 01:06

Picasso's 1943 work Le Marin, which was valued at $70 million (about £52 million), was withdrawn from last night's auction at Christie's in NY after what the auction house described as an accident on Friday.

"After consultation with the consignor today, the painting has been withdrawn from Christie's sale to allow the restoration process to begin", the NY auction house said in a terse statement. One weird twist: The painting belongs to former casino mogul Steve Wynn, who previously had bad luck with a different Picasso painting.

"Two outside conservators have now been consulted and have made recommendations for the successful restoration of the painting", the auction house reports in the release.

"After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin", Christie's said in a statement, per ABC News. "No further information is available at this time".

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The painting was one of three that Mr Wynn had consigned to Christie's for sale this week for a total of as much as US$135 million, according to the auction house's estimates. The circumstances of the incident were not disclosed, however, reported the Agency Bloomberg notes that 76-year-old billionaire suffers from an eye disease, in which damaged peripheral vision, and he can't calculate the exact distance to objects.

In 2006, the billionaire accidentally poked an elbow through Picasso's 1932 "Le Reve", while showing it off to guests in Las Vegas. But even corrupted "the Dream" Picasso went under the hammer in 2013 for $ 155 million - bought the painting from Wynn American financier Stephen Cohen.

Neither would it be Wynn's first Picasso to come to a cropper. Picasso's "Young Girl with a Flower Basket" netted $115 million, which was the second-highest sale at auction by the legendary artist, according to the Associated Press.

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