A Record-Breaking Sale in the Making
In 2006, casino mogul Steve Wynn agreed to sell Pablo Picasso’s 1932 painting Le Rêve to hedge fund manager Steven Cohen for $139 million, a record-breaking price for an artwork at the time.
An Unfortunate Mishap
Just days before the sale, Wynn accidentally poked a hole in the canvas while showing it to friends at his Las Vegas office. His elbow hit the painting, creating a tear in the lower right corner. The sale was immediately canceled.
Restoration and Insurance Claim
The painting was professionally restored, with the repairs costing $90,000. Wynn’s insurance covered the diminished value, as the artwork was appraised at $85 million post-damage, significantly lower than the original deal.
The Painting’s Comeback
In 2013, Cohen purchased the restored Le Rêve from Wynn for $155 million, setting a new record for a private art sale at the time.
In 2006, Steve Wynn, a casino mogul, was set to sell Picasso's iconic painting Le Rêve for $139 million, a record-breaking price at the time. The deal would have made art history, but a sudden accident during a private showing changed everything. pic.twitter.com/b3dexOOfxP
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