Wednesday, April 03, 2013

Dream Deal

While I was away last week, Steve Cohen bought Picasso's "Le Rêve" from casino mogul Steve Wynn ... for $155 million, or $16 million more than he had agreed to pay in 2006, just before Wynn accidentally put his elbow through the work.  The Art Market Monitor notes that "the question is whether the Picasso work is now a $200m painting including the [$45 million] undisclosed Lloyds settlement [Wynn received for the 2006 damage] or whether Wynn just made out like a bandit on the accident."