Steve Wynn, a US casino developer, is suing Lloyd's of London after he says the insurer failed to pay off a $54 million claim for a damaged Picasso painting called Le Reve (The Dream).
Lloyd's has refused to pay the $US54 million claim of depreciation in the paintings value after Mr. Wynn accidentally stuck his elbow through the painting punching a 'grapefruit sized hole in the left arm' of the subject of the painting. The woman depicted in the painting, Marie-Therese Walters, was also one of Picasso's mistresses.
Mr. Wynn had just finalized the sale of the painting for $139 million US but released the buyer from the agreement after he wrecked the painting. The value of the picture now is said to be around $85 million. The amount Mr Wynn is seeking in the suit represents the difference between what he says is the painting's market value before and after the damage. "We need them to respond and have them give us their appraisal and they haven't done that," Barry Slotnick, Mr Wynn's lawyer said.