Picasso self-portrait valued at $70M damaged shortly before art auction begins

Darnell Taylor
May 15, 2018

In NY auction house Christie's took a self-portrait of Pablo Picasso "the Sailor" at a cost of 70 million dollars for the restoration.

But the painting was pulled shortly before it was due to go under the hammer, with the auction house announcing the artwork was "accidentally damaged Friday during the final stages of preparation" and that it would now require restoration.

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"After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin", it added.

Owned by Windu a self-portrait of Picasso "the Sailor", on sale for $ 70 million at a Christie's auction in NY, was damaged.

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"Christie's has a very high standard of care for the objects entrusted to us and we have taken immediate measures to remedy the matter in partnership with our client".

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.

Bloomberg reports Wynn is auctioning off three paintings for an estimated value of $135 million.

Last week Christie's withdrew another Picasso, "Femme au chat assise dans un fauteuil", which is also reported to have been owned by Wynn.

Wynn has suffered problems over a damaged Picasso masterpiece in the past. However, the most expensive work of art - a Pablo Picasso piece worth $70 million - has been damaged. The auction house is not saying how it was damaged. In fact, a $139 million deal had already been signed with Steve Cohen, the hedge-fund manager and art collector, at the time the damage occurred. He has since sold his stake in Wynn Resorts.

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