You probably read earlier this week about gillionaire Steve Wynn's accidental desecration of Picasso's "Le Reve." While showing the painting to pals like Barbara Walters, Nora Ephron, Louise Grunwald and others, Wynn gestured (he has an eye disease which alters peripheral vision) and placed a hole through the canvas. This incident occurred just after he had agreed to sell the painting for $139M to a hedge-fund broker who apparently collects art. What is this trend with hedge-fund brokers paying gillions for art these days? Wynn reportedly will keep the damaged Picasso for now. It appears that he paid $48.4M for it at auction in 1997.
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