$70M Picasso painting damaged before owner, CNY's Steve Wynn, can auction it

BERTRAND GUAY  AFP  Getty Images

BERTRAND GUAY AFP Getty Images

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.

The 1943 masterpiece, called "The Marin" or "The Sailor", was due to go under the hammer this Tuesday but was damaged "during the final stages of preparation" on Friday. 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", Christie's said in the statement.

The Picasso self-portrait had been due to be included in Christie's May 15 Impressionist and Modern Art Sale in NY. The painting was refurbished and later reportedly sold for $155 million.

The painting is titled "Le Marin". "After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin".


Last week at Christie's, an art collection from David Rockefeller consisting of work from Picasso, Claude Monet and Georgia O'Keeffe saw $646 million on the first night of sales.

The New York-based auction house gave no further details about how the damage occurred or how badly the piece was affected. Another Picasso work Wynn owned, Femme au chat assise dans un fauteuil, was also pulled from sale, as reported by Bloomberg.

Wynn is said to suffer from a disease that affects his peripheral vision, according to the outlet.

Wynn resigned as chief executive officer of Wynn Resorts Ltd.in February and stepped down as finance chairman of the Republican National Committee amid allegations of sexual misconduct.

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