Collectors
Marion Maneker0March 26, 2013

Restored Le Rêve Worth More ($155m) to Cohen After Repair

Picasso, La Reve

Page Six claims that Steven Cohen has now bought Le Reve from Steve Wynn for more than the price previously agreed upon when Wynn accidently damaged the work. The question is whether the Picasso work is now a $200m painting including the undisclosed Lloyds settlement (even with the Post’s statement below) or whether Wynn just made out like a bandit on the accident:

A source told Page Six, “Steve bought ‘Le Rêve’ as a gift to himself. This was supposed to be a top- secret sale because of the government investigation and settlement.”

It reaped a hefty profit for Wynn, who also got a $45 million insurance payout after he elbowed the painting while showing it off to friends including Nora Ephron at his Las Vegas office.

Wynn, who suffers from vision problems, agreed at the time to release Cohen from the sale and repair it. Now he has sold it to Cohen for $16 million more than the pre-damage price.

Another source told us, “Steve has wanted that painting for a long time. The timing of the sale is just a coincidence.”

At least one appraiser thinks the painting is worth more than the selling price:

“The restoration seems to be factored into the price,” said Beverly Schreiber Jacoby, valuation specialist and president of New York-based BSJ Fine Art. “If you didn’t know that it has been damaged, you would not see it. It’s superbly restored.”

One thing is clear, Terence Mahon, the restorer who did the work for $90,439.12, didn’t charge nearly enough.

Exclusive: SAC’s Cohen Buys $155m Picasso After Settling Trading Probe (NYPost)

Cohen Buys Picasso’s ‘Le Reve’ From Wynn for $155 Million (Bloomberg)