Wednesday, 14 November, 2018

$70 Million Picasso Damaged and Pulled From Auction

Despite leaving a silver dollar sized hole in Le Reve it was restored bringing down its value from $139million to $85million. The painting $70 Million Picasso Damaged and Pulled From Auction
Jean Garcia | 15 May, 2018, 16:48

The Picasso self-portrait had been due to be included in Christie's May 15 Impressionist and Modern Art Sale in NY.

A PICASSO self-portrait worth an estimated €60million has been withdrawn from an auction in the United States today after it was "accidentally damaged". According to USA media, it belongs to former casino magnate Steve Wynn.

Earlier, in the United States in broad daylight from a Museum and stole a Picasso worth $50 thousand.

"Two outside conservators have now been consulted and have made recommendations for the successful restoration of the painting", the auction house reports in the release.

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.

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Because of the restoration value of the painting crashed to 50 million.

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.

Christie's did not specify what the nature or cause of the damage to the work was, but assured it has a "very high standard of care" for the objects sold on its premises. Before the incident, the painting was auctioned at Christie's for $ 70 million. "No further information is available at this time". He accidentally ripped a hole in another Picasso, "Le Reve", when he hit it with his elbow in 2006, but had it successfully refurbished and sold it to hedge fund titan Steve Cohen for $155 million in 2013.

Picasso biographer John Richardson added that the painting's subject was a girl named Linda who "sold her body as well as her roses outside the Moulin Rouge".

Wynn suffers from a disease that affects his peripheral vision, which may have played a role in the incident with "Le Rêve". The painting has now been damaged and pulled from auction.

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