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Tear up a Picasso and make a cool Rs 126 cr |
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By: Agencies |
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Date:
2008-10-17 |
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Place: Las Vegas |
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Gambler: Steve Wynn owns two hotels in Las Vegas, including the Bellagio. | When businessman Steve Wynn put his elbow through the canvas of a £70 million (Rs 5,900 crore) Picasso, he could hardly have imagined the mishap would reap him millions.
The blunder caused the cancellation of the painting's imminent sale and the downgrading of its value to £42.5 million (Rs 358 crore) by insurers, Lloyd's.
But Wynn took an enormous gamble and sued Lloyd's of London for £26 million (Rs 219 crore), the amount the insurer had wiped off its value.
Now, not only is the restored Picasso back to its original value, but Wynn received an estimated £15 million (Rs 126 crore) from Lloyd's, according to sources.
Two years ago
On September 30, 2006, Wynn was showing off the masterpiece to his friends in his office when he accidentally banged his right elbow into the painting, causing a two-inch tear.
Le Reve, or The Dream, a 1932 painting of Picasso's mistress, Marie-Therese Walter, was repaired at a cost of $122,000 (Rs 59.8 lakh).
A source said Wynn got "a hell of a lot of money".
David Nash, an art dealer who handled the sale of the painting to Wynn in 1999 for an amount north of £27 million (Rs 235 crore), said the Picasso's value has gone back up to £70 million. Another expert said the painting is worth more than that because of the publicity.
"It was a good thing for Steve," the source said. "Put your elbow in a painting and make millions."
Wynn, who Forbes.com says is the 277th richest man in the world, had just reached a deal to sell Le Reve to his pal when he elbowed the painting. |
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