Steve Wynn's Bad Luck With Picasso Goes On With $70 Million Work

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The Picasso self-portrait had been due to be included in Christie's May 15 Impressionist and Modern Art Sale in NY.

ABC News reports the painting was dated October 28, 1943, and was bought in 1952 for $11,000.

Valued at $70 million, Pablo Picasso's Le Marin (The Sailor) was set to go to auction on Tuesday evening at Christie's NY.

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The unnamed client of Christie's had been identified by Bloomberg in April as the casino mogul Steve Wynn, who in February resigned as chairman and chief executive of Wynn Resorts as a result of sexual misconduct allegations.

Earlier, in the United States in broad daylight from a Museum and stole a Picasso worth $50 thousand.

For "Le Marin", Christie's had assured the seller of a minimum price and found a third-party guarantor to bid for the piece at auction. Two outside conservators have now been consulted and have made recommendations for the successful restoration of the painting. "After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin".

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Neither would it be Wynn's first Picasso to come a cropper.

Christie's says its consignment contracts "have insurance provisions to cover damage and other contingencies". Wynn was originally due to sell some $150 million of art, including works by Picasso and Andy Warhol. In fact, a $139 million deal had already been signed with Steve Cohen, the hedge-fund manager and art collector, at the time the damage occurred. Another Picasso work Wynn owned, Femme au chat assise dans un fauteuil, was also pulled from sale, as reported by Bloomberg. Wynn suffers from a disease that affects his peripheral vision and the hit reportedly caused a six-inch tear.

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