In the fall of 2006, casino mogul Steve Wynn (second from the right) agreed to sell a prized painting, Picasso’s 1932 masterpiece “Le Rêve,” to hedge-fund honcho and fellow art enthusiast Steve Cohen (second from the left; the painting is behind them). The agreed upon price was a staggering $139 million — the highest in history for a piece of art.
But just two days after the agreement was reached, Wynn was entertaining friends at his Las Vegas casino when he accidentally thrust his right elbow through the canvas, leaving a silver-dollar-size hole in the piece.
Wynn and Cohen agreed the damage invalidated the sale. The restored artwork was reappraised at $85 million.