Steve Wynn recently sold his Picasso painting at an action for 155 Million Dollars. It is ranked now to be the biggest U.S. sale of a painting.
Steve Wynn is a hotel and gaming giant in Las Vegas, known for his Wynn hotel and his second follow up, Encore. Steve Wynn has one of the largest art collections in the world adding to his massive net worth.
This painting was actually damaged by Steve Wynn not but a few years before this auction. He put his elbow through it on accident when he was moving other art in his collection. He had to have it restored. Although one might think this would lower the value of this painting, it actually increased the value!
This painting is by Picasso and it is said to be the painting of his mistress. It is a beautiful piece of work that is one of the rarest Picasso pieces to be found. This painting was sold to the famous hedge fund manager Steve Cohen.
Steve Cohen has one of the worlds largest private art collections. Steve Cohen is obviously still continuing to collect art and grow his collection despite his recent penalties to the SEC. The securities exchange commission recently charged him with over 600 million dollars of charges due to insider trading. This isn’t too big of a concern to someone who is worth over 12 billion dollars though.
This art auction shows that in no time soon is art going to be going down in value. There will always be the super rich that are willing to pay for these amazing collector pieces.
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