$70 Million Down the Drain?

A painting by one of the most well-known and celebrated artist in history was recently destroyed before it was scheduled to go on auction.  Pablo Picasso’s 1943 piece, entitled Le Marin, was schedule to be put up for sale at Christie’s auction house in New York with a price tag of $70 million.  A spokesperson for the auction house announced that it will be pulled and undergo a restoration process before being put back on the market.  The perspective buyer, casino mogul Steve Wynn, will have to wait until the restoration process is complete.

Steve Wynn is the former chairman and CEO of Wynn Resorts, but he retired amidst sexual allegation claims against him.  Oddly enough, Wynn damaged another Picasso painting in 2013, right before it was to be sold.  That painting was worth $135 million.  It was ultimately purchased by billionaire, Steve Cohen, for $155 million.  I guess “damaged goods” aren’t bad after-all.

Picasso Art

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