Money Pablo Picasso painting worth $70 million damaged before auction

05:35  15 may  2018
05:35  15 may  2018 Source:   nydailynews.com

Steve Wynn’s Bad Luck With Picasso Goes On With $70 Million Work

  Steve Wynn’s Bad Luck With Picasso Goes On With $70 Million Work Steve Wynn’s plan to sell a Picasso valued at $70 million at auction this week was derailed after the painting was damaged Friday - a dozen years after the billionaire collector and former casino magnate put his elbow through another masterpiece by the artist. Christie’s withdrew “Le Marin,” a self-portrait painted in 1943, from its auction this Tuesday for restoration, it said in a statement. It declined to comment on the nature or extent of the damage. A spokesman for Wynn couldn’t immediately be reached for comment.

A Pablo Picasso painting expected to fetch $ 70 million at auction , was "accidentally" damaged on Friday, according to a statement from auction house Christie's.

Picasso painting damaged at New York museum 01/24/10 10:22 PM, EST The Pablo Picasso painting "The Actor" will undergo repair work, after Thieves nab M Picasso paintings POSTED: 8:41 a.m. EST, February 28, 2007 At least two Picasso paintings , worth a total of €50 million (US

“Le Marin (The Sailor)” was damaged days before it was supposed to be sold at an auction.© PHILIP FONG/AFP/Getty Images “Le Marin (The Sailor)” was damaged days before it was supposed to be sold at an auction. A Pablo Picasso painting valued at a whopping $70 million was accidentally damaged days before it was supposed to be sold at an auction.

Christie's auction house was forced to remove Picasso's 1943 work of art "Le Marin (The Sailor)" from this week's event after the painting sustained unspecified damage during its final preparations Friday.

The painting is owned by casino mogul Steve Wynn, who inadvertently damaged another one of his Picasso pieces over a decade ago.

"Two outside conservators have now been consulted and have made recommendations for the successful restoration of the painting," Christie's said in a statement. "After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin."

Once Considered 'Obscene,' This Modigliani Painting Just Sold for More Than $157 Million

  Once Considered 'Obscene,' This Modigliani Painting Just Sold for More Than $157 Million  A 1917 painting by Amedeo Modigliani of a reclining nude woman that was once considered obscene in Paris sold for over $157 million at an auction in Manhattan on Monday. “Nu couche (sur le cote gauche)” was the highlight of Sotheby’s “Impressionist & Modern Art” sale featuring Pablo Picasso works spanning seven decades, and paintings by Claude Monet, Edvard Munch and Georgia O’Keeffe.Modigliani shocked Europe at the turn of the 19th century with his series of 22 nudes reclining in every possible position.

Pablo Picasso ’s 1955 masterpiece *Les femmes d’Alger, Version O,*brought in 9.4 million after 11 and a half minutes of telephone bidding. The painting racked up at least 30 bids in increments of million before being sold to an anonymous buyer.

The painting was given a pre-sale estimate of $ 70 million by the auction house. Nude, Green Leaves and Bust (French: Nu au Plateau de Sculpteur) is a 1932 painting by Pablo Picasso , featuring his mistress Marie-Thérèse Walter.

The high-priced painting features a dark-haired man in a blue-and-white-striped shirt that Christie's describes as "instantly reminiscent of the artist" and can therefore be interpreted as an "intriguing, multi-layered and rare proxy self-portrait of Picasso himself."

The work of art has been sold multiple times, including in a sale by Christie's in 1997 that went for $8.8 million, according to ABC News. The painting was later purchased by Wynn for an undisclosed amount.

The incident this week occurred 12 years after Wynn accidentally put a hole in Picasso's 1932 oil painting "Le Reve" with his elbow, according to a 2006 report by Buzzfeed.

After it was repaired, Cohen managed to sell that painting for $155 million seven years later.

Australian property auction clearance rates just hit fresh lows .
Australian auction clearance rates have fallen to the lowest level since late 2015. Less than 60% of auctions in Melbourne cleared last week, the lowest level in over four years. Sydney, too, recorded a rate below 60%.When they're up, market conditions are strong, and vice versa.

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