Steve Wynn Sells Damaged Picasso to Billionaire Steve Cohen for $155 Million
Posted on March 27, 2013
Steve Wynn just sold Picasso's painting "La Reve" (The Dream) for a cool $155 million to billionaire hedge fund manager Steve Cohen. The painting is of Picasso's mistress. You may recall that Wynn accidentally poked a hole in the painting with his elbow, just days after buying it for $48 million. It created a six inch tear in the painting. But the painting was eventually restored. Cohen didn't care and still wanted the painting. In fact, the painting sold for $60 million more than Cohen originally was going to pay.
The tear has become part of the legend of the painting: Wynn has spoken openly about how shocked he was he did something so stupid. As for Cohen, he just settled a massive insider trading lawsuit with the government with a $600 million payout to the Securities and Exchange Commission. After settling the case, he apparently decided he deserved a little treat. CNN reports: