Contractor Sued After Painter Tore Hole in $100 Million USD Picasso Painting

The damages dropped the painting’s value by $20 million USD.

By
Arts
33,746 Hypes 2 Comments

Two years ago, art collector Steve Wynn withdrew Pablo Picasso’s 1943 painting Le Marin from a Christie’s auction in New York after it was damaged by an employee of T.F. Nugent, a family-run commercial painting business. The employee, who had been hired to paint Christie’s galleries ahead of the exhibition, left an extension rod for a paint roller propped up against a wall. The rod wasn’t secured and ended up crashing into the painting, tearing a four-and-a-half-inch hole in the canvas. The insurance company that reimbursed Christie’s after the auction house paid Wynn is now suing the contractor it blames for tearing the hole in the masterpiece.

Steadfast Insurance Co. is seeing $18.4 million USD in damages from T.F. Nugent, which damaged Le Marin due to “negligent and/or careless acts” that were performed without “reasonable care” to the performance of their duties. After the incident, Christie’s spent $487,625 USD closing the gaping hole in the painting and the surrounding damage, a total area of seven inches long and two inches wide. The lawsuit claims that the painting, which was previously worth up to $100 million USD, had lowered in worth by 20 percent, or $20 million USD, “given the extent of the physical damage to the Le Marin, and the accompanying reputational [sic] damage.”

This is not the first time a Picasso painting under Wynn has suffered damage. In 2006, the billionaire casino mogul himself “accidentally damaged” the 1932 portrait Le Rêve by putting his elbow through it. The painting, valued at $70 million USD, was repaired and sold to hedge fund manager Steven Cohen for $155 million USD in 2013.

In case you missed it, a woman in Italy won a $1.1 million USD Picasso painting in a raffle.

Read Full Article
Source
Artnet

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

101 Users Online

What to Read Next

A-Trak and Dave 1 Join Forces for New 'The Brothers Macklovitch' Project
Music

A-Trak and Dave 1 Join Forces for New 'The Brothers Macklovitch' Project

Their first single “Get Love To Get Some” features Leven Kali

RM Sotheby's Offers Marcel Petitjean's Stunning Car Collection for Auction
Automotive

RM Sotheby's Offers Marcel Petitjean's Stunning Car Collection for Auction

Nearly 100 rare cars estimated to be worth a combined $10 million USD.

These Are The Best Studio Ghibli Films to Stream on HBO Max
Entertainment

These Are The Best Studio Ghibli Films to Stream on HBO Max

Most of the studio’s entire catalog is now available on the platform.


OALLERY Is Selling a Series of Rare Futura Artworks
Arts

OALLERY Is Selling a Series of Rare Futura Artworks

Unseen pieces from the Futura Laboratories x HUMAN MADE 2019 collaboration.

Jessie Reyez Shares Stripped-Back Version of Drake's "Headlines" for Spotify Singles
Music

Jessie Reyez Shares Stripped-Back Version of Drake's "Headlines" for Spotify Singles

Along with a rock-infused take on “Love In The Dark.”

Nike Air Zoom Terra Kiger 6 "Medium Olive" is Ready For Off-Road Excursions
Footwear

Nike Air Zoom Terra Kiger 6 "Medium Olive" is Ready For Off-Road Excursions

Nike Running’s trail-centric silhouette is back in a compelling new style.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.