Painter Tears Hole in Pablo Picasso Painting
Two years ago, art collector Steve Wynn withdrew Pablo Picasso’s 1943 painting Le Marin from a Christie’s auction in New York after it was damaged by an employee of TF Nugent, a family-run commercial painting company. The clerk who had been hired to paint Christie’s galleries before the exhibition hung an extension pole for a paint roller on a wall. The pole was not secured and eventually crashed into the painting, tearing a four and a half inch hole in the canvas. The insurance company that reimbursed Christie’s after the auction house paid Wynn is now suing the contractor, whom it accuses of tearing the hole in the masterpiece.
Steadfast Insurance Co. sees US $ 18.4 million in damages from TF Nugent who inflicted damage to Le Marin for “negligent and / or negligent acts” carried out without “reasonable care” in the performance of their duties. Following the incident, Christie’s spent $ 487,625 to plug the gaping hole in the painting and surrounding damage, a total of seven inches long by two inches wide. The lawsuit alleges that the painting, which was previously valued at up to US $ 100 million, has declined 20 percent, or US $ 20 million, “given the extent of the physical damage to Le Marin and its associated reputation [sic] Damage.”
This is not the first time a Picasso painting has been damaged under Wynn. In 2006, billionaire Casino Mogul himself accidentally “damaged” the 1932 portrait of Le Rêve by sticking his elbow in it. The $ 70 million painting was repaired and sold to hedge fund manager Steven Cohen for $ 155 million in 2013.
In case you missed it, a woman in Italy won a $ 1.1 million Picasso painting in a raffle.