Published: Tue, May 15, 2018
Business | By Kate Woods

Picasso painting damaged ahead of Christie's auction

Picasso painting damaged ahead of Christie's auction

"Two outside conservators have now been consulted and have made recommendations for the successful restoration of the painting", Christie's said in the statement.

For the second time in twelve years, one of the artist's works has suffered damage under the ownership of the billionaire collector.

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Owned by Windu a self-portrait of Picasso "the Sailor", on sale for $ 70 million at a Christie's auction in NY, was damaged. Both are owned by a casino magnate and were due to be part of a Christie's exhibition closing on Tuesday, but the auction house has now announced Le Marin will not be showcased.

"After consultation with the consignor today, the painting has been withdrawn from Christie's sale to allow the restoration process to begin", the NY auction house said in a terse statement.

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

The oil-on-canvas work, executed on October 28, 1943, has always been seen as among Picasso's most celebrated self-images, with the artist wearing one of his famous striped fisherman's jerseys.

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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. Wynn, who has an eye disease called retinitis pigmentosa which affects his peripheral vision, accidentally put his elbow into Le Rêve back in 2006. Hedge fund titan Steve Cohen bought it from Wynn in 2013 for $155 million. CNN reports he received $2.1 billion when he sold his stake in Wynn Resorts in March. A spokeswoman for Christie's told Blouin Artinfo: "As a matter of policy Christie's does not identify buyers or sellers by name without permission". Lin Wood, a spokesman for Wynn, declined to comment.

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