Picasso Watch: Steve Wynn Accidentally Damages “Le Reve†And Now SUES Lloyds of London
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PICASSO, Pablo (Espagne, 1881-1973)
Months after he accidentally poked a hole in a Picasso painting, casino magnate Steve Wynn today sued Lloyd’s of London for failing to pay off a $54 million insurance claim. Wynn, who purchased the painting “Le Reve” for $48.4 million in 1997, contends that the painting was worth $139 million when, on September 30, he “accidentally placed a tear” in it while showing the work (pictured above) to friends visiting his Las Vegas office. According to Wynn’s U.S. District Court complaint, a copy of which you’ll find below, the businessman contends that, as a result of the tear, the painting’s value has plummeted to $85 million. He has demanded that Llloyd’s pay him the difference in the appreciated value of the painting and its post-damage worth. The day before he punctured the painting, Wynn had entered into an agreement with hedge fund titan Steven Cohen to sell “Le Reve” for $139 million. That deal died after the damage was disclosed to Cohen. Included as an exhibit to Wynn’s lawsuit is a “sworn statement in proof of loss” that likely made knees buckle at Lloyd’s.
Ooops looks like an accident?
Perhaps……..
But, Lloyds of London will NOT pay.
Stay tuned……….
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Picasso Watch: Steve Wynn Accidentally Damages “Le Reveâ€