Although he is famous for collecting art, billionaire Steve Wynn may have a new reputation for accidentally damaging it.
The American businessman, 76, who made his fortune in casinos and hotels, planned to auction off a $70million Picasso piece entitled Le Marin on Tuesday in New York.
However, his plan was derailed after the auction company Christie’s withdrew the piece from bidding as it was damaged on Friday.
Although the nature of damage was not revealed, it wouldn’t be the first time the billionaire ruined a million-dollar art piece.
Wynn famously tarnished another Picasso painting titled Le Reve back in 2006, when he accidentally put his elbow through it, according to Bloomberg.
The business man suffers from a disease that affects his peripheral vision, which could have led to the blunder where he hit the painting with his right elbow while showing it to friends in his Las Vegas office.
The $139million painting was left with a hole the size of a silver dollar.
La Reve was restored, bringing down its value to $85million.
Despite losing value, it was purchased by billionaire Steve Cohen in 2013 for a whopping $155million.
Le Merin, a self-portrait that was painted in 1943 and measures four by two and a half feet, will be restored.
The Picasso piece was just one of three that Wynn consigned to Christie’s for sale this week.
All three art pieces came to a total value of $135million, according to Christie’s.
(Wynn was set to auction off Picasso’s Le Marin, left, on Tuesday before it was damaged. In 2006, he damaged Picasso’s Le Reve, right, which was hung in his Las Vegas office)
The auction company said its consignment contracts ‘have insurance provisions to cover damage and other contingencies’ as reported by Bloomberg.
His art antics aside, Wynn resigned from his post as chief executive officer of Wynn Resorts in light of sexual assault allegations against him in February.
The Wall Street Journal reported on January 26 that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5million settlement.
(Despite leaving a silver dollar sized hole in Le Reve it was restored, bringing down its value from $139million to $85million. The painting pictured in November 1997 at Christie’s auction)
‘In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,’ Wynn, 76, said in a written statement following his resignation.
‘As I have reflected upon the environment this has created – one in which a rush to judgment takes precedence over everything else, including the facts – I have reached the conclusion I cannot continue to be effective in my current roles,’ he continued.
He also resigned from his position as finance chairman of the Republican National Committee in January.
He has vehemently denied any wrongdoing.
Source: dailymail
