Friday, October 26, 2012

$125 million Picasso - Owner backed up and stabbed a pencil through it!

Nora Ephron wrote about it. She was touring Steve Wynn’s art collection in Las Vegas. Wynn is notorious for not only being perhaps the best art collector in the world, but blind. Or on the verge of going blind.

 He shows the group a painting that he was going to sell to hedge fund art collector Steve Cohen for $125 million. Perhaps it’s his blindness, perhaps clumsiness, perhaps it’s a secret desire to sabotage himself, perhaps he’s just wondering where his wife is – he backs up and sticks a pencil through the painting, creating a $125 million hole in the middle of one of Picasso’s masterpieces. - It Killed the deal!

Wynn, had it impeccably repaired - down to weaving in the canvas, everything... no one could tell the damage had ever been done... but it had -  and it was known... Wynn got $30 million from the insurance company - and he has the impeccable work of art on his wall... and a story to tell.... and $30 Million..
- James Altucher Confidential

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