Paint Roller Punches Through Picasso
May 26 2020
Picture: ArtNet
Posted by Adam Busiakiewicz:
ArtNet has reported on an expensive accident in which a Picasso worth $100m was damaged by a paint roller. Picasso's Le Marin (pictured), owned by casino mogul Steve Wynn, was due to come up for sale at Christie's in 2018. However, before the sale an employee from the decorators T F Nugent left out a paint rod extension that came crashing down on the work which was waiting on foam pads ready to be installed. The auction house's insurers Steadfast Insurance Co. is suing T F Nugent for $18.4m in damages.
Bizarrely, the article reports that an enormous sum was spent on restoring the picture;
Following the incident, Christie’s had the work restored, spending $487,625 to close the gaping hole and the surrounding damage, a total area of seven inches long and two inches wide.
Steadfast hired two art experts to appraise the restored work and assess how much the accident had impacted its value. The lawsuit contends that the appraisers found that the painting had previously been worth up to $100 million, but that the accident had lowered its worth by 20 percent, or $20 million, “given the extent of the physical damage to the Le Marin, and the accompanying reputational damage.”
