Steve Wynn's Elbow Punctured Picasso's Le Rêve Before a $139 Million Sale
In October 2006, Steve Wynn, a prominent casino owner, planned to sell Pablo Picasso’s Le Rêve for $139 million to hedge fund manager Steven A. Cohen. However, during a farewell toast with friends, Wynn accidentally caused a fist-sized triangular tear in the artwork, leading to the deal's cancellation. To restore the painting, he enlisted conservator Joyce Hill Stoner and subsequently sued his insurers for $54 million, alleging a permanent loss of value, which ended in a confidential settlement. In 2013, Cohen purchased Le Rêve for $155 million, exceeding the pre-accident price by $16 million. Wynn’s blunder ultimately became one of the most lucrative events in the history of modern art.
Key facts
- Steve Wynn agreed to sell Picasso's Le Rêve to Steven A. Cohen for $139 million in 2006, a record for a private transaction at the time
- Picasso painted Le Rêve in January 1932, showing Marie-Thérèse Walter asleep in a red armchair
- Wynn's right elbow tore a fist-sized triangular gash in the canvas during a farewell gathering in Las Vegas in October 2006
- Guests included Nora Ephron, Nicholas Pileggi and Barbara Walters
- Wynn has retinitis pigmentosa, which restricts his peripheral vision
- Conservator Joyce Hill Stoner restored the painting using synthetic resins and microscopic chromatic reintegration
- Wynn sued his Lloyd's of London insurers for $54 million, settling confidentially
- Cohen bought Le Rêve in 2013 for $155 million, $16 million more than the original agreed price
Entities
Artists
- Pablo Picasso
- Marie-Thérèse Walter
- Steve Wynn
- Steven A. Cohen
- Nora Ephron
- Nicholas Pileggi
- Barbara Walters
- Joyce Hill Stoner
Institutions
- Lloyd's of London
- ArteRef
Locations
- Las Vegas
- United States
- London
- United Kingdom
Sources
- Arteref —