An interesting aspect to this incident is the fact that this is the second time one of the owner's - casino magnate Steve Wynn - highly-valued Picasso paintings had been damaged. On Monday, Christie's said it pulled another Picasso from the auction - a 1964 portrait of a woman with a cat, "Femme au chat assise dans un fauteuil", estimated at $25 million to $35 million. Hedge fund titan Steve Cohen bought it from Wynn in 2013 for $155 million. Perhaps now he would say there is nothing as perilous as a billionaire owning one of his paintings.
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Christie's is also not saying how badly "Le Marin" was damaged.
"After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin", it added.
According to Christie's auction house catalogue, "As it would have been clearly understood at that time - the flowers were a come-on, she was actually a prostitute". A restorer said the repaired painting was worth $85 million, according to the lawsuit. Wynn, who has an eye disease called retinitis pigmentosa which affects his peripheral vision, accidentally put his elbow into Le Rêve back in 2006. In February Wynn was forced to resign from the company he founded, Wynn Resorts, amid sexual harassment allegations.