The expectations were high before Christies' Impressionist and Modern auction taking place on May 15th. One of the most anticipated piece of the collection was the painting Le Marin by Pablo Picasso created in 1943 with an estimate at 70 million dollar.

But things didn't really go as planned when the Picasso painting was "accidentally damaged" shortly before the opening of the exhibition. Christies commented the accident in a statement "After consultation with the consignor today, the painting has been withdrawn from Christie’s May 15 sale to allow the restoration process to begin".

© PHILIP FONG/AFP/Getty Images © PHILIP FONG/AFP/Getty Images

According to the New York Times the owner of the painting is the American hotel- and casinomagnate Steve Wynn who recently left his company Wynn Resorts following a sex scandal. This wasn't the first art-related mishap for Wynn, who in 2006 accidentaly run his elbow through the Picasso masterpiece La Rêve painted in 1932. The painting were to be sold to billionaire hedge fund collector Steve Cohen.

"This things happen" Guillaume Cerutti, Christies' chief executive, said during Sunday’s exhibition of Impressionist and Modern works.  The problem when things things like this do happen is that there is often third-parties involved that guarantees a sale at a certain financial level. Who will be responsible for the revenue lost?

Never has the need for a proper insurance been more clear - without it the consequences for art disasters like this one could be both devastating and terribly expensive.

 

 

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