Picasso painting worth $70000000 damaged moments before going on sale

Despite leaving a silver dollar sized hole in Le Reve it was restored bringing down its value from $139million to $85million. The painting

In NY, the auction took a self-portrait of Pablo Picasso "the Sailor" for the goal of restoration of the canvas. The circumstances of the incident were not disclosed, however, reported the Agency Bloomberg notes that 76-year-old billionaire suffers from an eye disease, in which damaged peripheral vision, and he can't calculate the exact distance to objects.

Pricey mistake: A Picasso worth an estimated $70 million had to be yanked from an auction at Christie's this week because it sustained damage as workers were preparing it.

A second Picasso owned by former casino owner Steve Wynn was damaged recently.

"Two outside conservators have now been consulted and have made recommendations for the successful restoration of the painting", Christie's said in the statement.

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Christie's sold Picasso's 1905 "Filllete ala corbeille fleurie" ('Young Girl With A Flower Basket') for $115m last Tuesday, making it the Spanish artists most expensive piece ever sold at auction. Le Marin was expected to fetch one of the top five highest prices for a Picasso at auction.

Because of the restoration value of the painting crashed to 50 million.

It's not the first time a Picasso owned by the mogul has been damaged. "No further information is available at this time". Bloomberg reports that in 2006, Wynn accidentally put his elbow through Picasso's "La Reve" that was valued at more than $139 million. But even corrupted "the Dream" Picasso went under the hammer in 2013 for $ 155 million - bought the painting from Wynn American financier Stephen Cohen.

Christie's says its consignment contracts "have insurance provisions to cover damage and other contingencies". The painting was restored and eventually sold for $US155 million.

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