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Steve Wynn's damaged $70 million Picasso pulled from Christie's sale

Steve Wynn's damaged $70 million Picasso pulled from Christie's sale

According to U.S. media, it belongs to former casino magnate Steve Wynn.

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

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.

Christie's reports in a news release that Picasso's self-portrait "Le Marin" (The Sailor) was damaged on Friday, May 11 during "the final stages of preparation" for an exhibition set to begin the next day.

Wynn has suffered problems over a damaged Picasso masterpiece in the past. "Le Rêve", a portrait of Picasso's mistress Marie-Thérèse Walter, was also scheduled to be sold within days of the damage. "We have taken immediate measures to remedy the matter in partnership with our client".

Bloomberg reported Steve Wynn, a former casino owner and businessman, owned the painting, and had consigned it and two others to Christie's for auction. 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.

Last Tuesday, Christie's sold Pablo Picasso's 1905 "Fillette a la corbeille fleurie" ("Young Girl With a Flower Basket") for $115 million, making it the Spanish master's second most expensive work ever sold at auction. He declined to make any further comment.

Bloomberg named Wynn - who resigned in February as chairman and CEO of Wynn Resorts after allegations of sexual misconduct - as the unidentified owner of the Picasso.

Bloomberg reports Wynn has since made a decision to pull another Picasso painting, 1964's "Femme au chat assise dans un fauteuil" (woman with a cat), from the auction.

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