Casino Billionaire battles insurance company after making a $54 miilion hole in his Picasso.

While some consider it to be tragic, others find it quite funny. Las Vegas casino mogul, Steve Wynn, accidentally ripped a hole in a painting he owns by Pablo Picasso worth an estimated US$139 million. He considers the latest offer from the insurance company to settle his damage claim "ridiculous".

What is tragic is that this great work of art will never be perfect or absolutely the same. This is even though a team of experts with much technology have been working to repair the painting. Apparently, the repaired version is only worth $89 million. Hence, Wynn is fighting to recover the $54 million difference from the insurance company.

The painting in question is Picasso's "Le Reve" (pictured above). It is his favourite painting. He named his Las Vegas show after it. He was planning to sell "la Reve" to billionaire collector Steven Cohen for $139 million, which would have been a record for the sale of a piece of artwork.

The deal was done until Wynn showed the painting to friends who were in town (including writer/director Nora Ephron, who has since written about her having been offended by the painting's penis-shaped face). While showing it to the guests, Wynn accidentally gestured his hand a little too close to the painting, and his right elbow went right through Marie-Therese Walter's left forearm. According to Ephron, Wynn told his guests, "Oh shit. Look what I've done". "Thank God it was me". Ephron said everyone else was left speechless.

To what extent Wynn will be able to leverage his wealth and power to obtain an appropriate settlement? My bet would be that he will get pretty close.

What about Steve Wynn emotionally? Perhaps such a settlement would offset some of the guilt and regret he may feel for damaging such an important work of art.? Or, is it all about the money?