Casino tycoon to sue Lloyd’s

After accidentally damaging a piece of his Picasso artwork, billionaire casino tycoon Steve Wynn is suing Lloyd’s of London over the settlement of $54 million they offered to cover the loss in value of the painting.

Wynn accidentally put his elbow through Picasso’s Le Reve (The Dream) as he was showing it to friends and art dealers last September. Ironically, Wynn had agreed to sell the painting to Steve Cohen, a hedge fund billionaire, less than 24 hours earlier for a reported $139 million.

Wynn has issues with Lloyd’s valuation of the painting after a $90,000 restoration and wants to see the appraisal reports, which he claims is his by right.

"We have not received a proper appraisal and we're now engaged in a lawsuit to enforce Mr. Wynn's rights. Mr. Wynn has paid his premiums on time and he expects Lloyd's to pay his loss claim on time,” said Barry Slotnick, Wynn’s lawyer.

Wynn purchased the painting in 2001 but has refused to divulge how much he actually paid for it.

Editor, - 2007-01-15 12:27:10

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