Pricey mistake: A Picasso worth an estimated $70 million had to be yanked from an auction at Christie's this week because it sustained damage as workers were preparing it.
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.
Christie's sold Picasso's 1905 "Filllete ala corbeille fleurie" ('Young Girl With A Flower Basket') for $115m last Tuesday, making it the Spanish artists most expensive piece ever sold at auction.
Two outside conservators have now been brought in to make recommendations for the successful restoration of the "Le Marin".
"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", the statement continued. It belongs to former casino magnate Steve Wynn, according to United States media.
Christie's added, "No further information is available at this time". The painting was one of three owned by Wynn scheduled to be auctioned by Christie's this week.
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Neither would it be Wynn's first Picasso to come to a cropper.
This is the second time one of Wynn's Picasso paintings has been damaged. Wynn, who has an eye disease called retinitis pigmentosa which affects his peripheral vision, accidentally put his elbow into Le Rêve back in 2006.
But hedge fund titan Steve Cohen still bought it from Mr Wynn in 2013 for US$155 million.
In January, Wynn was hit by accusations from dozens of people in The Wall Street Journal alleging decades of sexual misconduct.
Bloomberg reports Wynn has since made a decision to pull another Picasso painting, 1964's "Femme au chat assise dans un fauteuil" (woman with a cat), from the auction.