Published: Wed, May 16, 2018
Sci-tech | By Carrie Guzman

Damaged Picasso Painting Pulled From Auction

Damaged Picasso Painting Pulled From Auction

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. "Le Rêve", a portrait of Picasso's mistress Marie-Thérèse Walter, was also scheduled to be sold within days of the damage.

"Two outside conservators have now been consulted and have made recommendations for the successful restoration of the painting", Christie's said in the statement. "After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin".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 added, "No further information is available at this time".

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

An interesting aspect to this incident is the fact that this is the second time one of the owner's - casino magnate Steve Wynn - highly-valued Picasso paintings had been damaged.

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Billionaire Steve Wynn has not perfected the art of looking after his prized artworks - either on his own or by others. It is reported that the painting was damaged on Friday, may 11, circumstances of the incident were not disclosed.

Wynn, who suffers from a disease that affects his peripheral vision, accidentally struck his Picasso "Le Reve" with his right elbow in 2006 while showing it to friends in his Las Vegas office, leaving a hole the size of a silver dollar.

Thankfully experts were able to refurbish the classic painting, and Wynn went on to sell it for $155 million at auction.

Neither would it be Wynn's first Picasso to come to a cropper. The total sale for the three was expected to be as high as $135 million.

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