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Last Updated: Friday, 12 January 2007, 17:59 GMT
Insurers sued over torn Picasso
Picasso's The Dream at auction in 1997
Mr Wynn bought Picasso's The Dream at auction in 1997
A US casino mogul who put his elbow through a Picasso painting is taking his insurers to court in Manhattan.

Las Vegas magnate Steve Wynn says that he wiped $54m (28m) off the value of Le Reve (The Dream) when the accident occurred in September last year.

But he claims Lloyd's of London has failed to act quickly on his claim, and is suing them to speed up the process.

Mr Wynn, who has an eye disease affecting peripheral vision, tore a coin-sized hole in the 75-year-old

painting.

He had been showing it to screenwriter Nora Ephron, television personality Barbara Walters and two art dealers when the accident happened.

He has since called it "the world's clumsiest and goofiest thing to do".

Mr Wynn bought the 1932 painting, which depicts Picasso's mistress, for $48.4m (24.7m) in 1997.

He had arranged to sell it to art collector Steven Cohen for $139m (74m) but decided to release the buyer from the sale agreement and keep the painting for himself following the accident.

According to his legal papers, Mr Wynn believes the value of the painting then dropped to $85m (43m).

He is hoping to recover the difference, and is seeking an order for Lloyd's to provide a copy of its appraisal report, including a post-restoration value of the painting - which he says has not been forthcoming.

"We need them to respond and have them give us their appraisal and they haven't done that," said Wynn's lawyer, Barry Slotnick.

A Lloyd's spokesman said the company did not comment on individual court cases.


SEE ALSO
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