$70 Million Picasso Damaged and Pulled From Auction

Despite leaving a silver dollar sized hole in Le Reve it was restored bringing down its value from $139million to $85million. The painting

A Pablo Picasso painting with an estimated value of $70 million was "accidentally damaged" as it was being prepared for a major Christie's art auction in NY.

But the painting was pulled shortly before it was due to go under the hammer, with the auction house announcing the artwork was "accidentally damaged Friday during the final stages of preparation" and that it would now require restoration.

A second Picasso owned by former casino owner Steve Wynn was damaged recently.

Two outside conservators have now been brought in to make recommendations for the successful restoration of the "Le Marin".

The Picasso self-portrait had been due to be included in Christie's May 15 Impressionist and Modern Art Sale in NY.

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The painting, which measures a little more than 4-by-2 1/2 feet, was one of three Wynn consigned to Christie's for sale this week for a total of as much as $135 million, according to the auction house's estimates.

For "Le Marin", Christie's had assured the seller of a minimum price and found a third-party guarantor to bid for the piece at auction. The painting has now been damaged and pulled from auction. It comes a decade after Wynn accidentally put his elbow through another Picasso, "Le Reve", while showing it in his Las Vegas workplace.

Picasso biographer John Richardson added that the painting's subject was a girl named Linda who "sold her body as well as her roses outside the Moulin Rouge". Hedge fund titan Steve Cohen bought it from Wynn in 2013 for $155 million.

Wynn suffers from a disease that affects his peripheral vision, which may have played a role in the incident with "Le Rêve". CNN reports he received $2.1 billion when he sold his stake in Wynn Resorts in March.

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