Damaged Picasso Painting Worth $70M Pulled From Auction

Damaged Picasso Painting Worth $70M Pulled From Auction

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

The painting, called "Le Marlin", was being prepared for an auction at Christie's this week when it was damaged on Friday. According to U.S. media, it belongs to former casino magnate Steve Wynn.

"After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin", it added.

In NY, the auction took a self-portrait of Pablo Picasso "the Sailor" for the objective of restoration of the canvas. "We have taken immediate measures to remedy the matter in partnership with our client".

Christie's sold Picasso's 1905 "Filllete ala corbeille fleurie" ('Young Girl With A Flower Basket') for $115m last Tuesday, making it the Spanish artists most expensive piece ever sold at auction.

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A Christie's employee takes a picture of Pablo Picasso's Le Marin during a media preview at Christie's May 3, 2018 in NY.

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

Bloomberg reports that Christie's removed another Picasso painting from the auction owned by Wynn, which was a 1964 portrait of a woman with a cat valued at about $25 to $35 million. A restorer said the painting was only worth $85 million once it had been fixed, but that didn't stop Steve Cohen from buying it for $155 million more than six years later, topping his original offer by $16 million.

Wynn is said to suffer from a disease that affects his peripheral vision, according to the outlet. The painting was restored and eventually sold for $US155 million. In February Wynn was forced to resign from the company he founded, Wynn Resorts, amid sexual harassment allegations.

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