STEVE WYNN SUES LLOYD’S OVER ELBOWED PICASSO

Billionaire Stephen Wynn, chairman of gaming company Wynn Resorts, has filed a lawsuit against Lloyd’s of London after submitting a claim for $54 million he lost by accidentally tearing a hole in his seventy-five-year-old Pablo Picasso painting Le Reve with his elbow last September, reports Bloomberg‘s David Glovin. Wynn is seeking documents related to the insurer’s appraisal of the work; Wynn paid $48.4 million for the painting in 1997 and, prior to the accident, had agreed to sell it to collector Steven Cohen for $139 million. A restorer said the repaired painting is currently worth $85 million. The accident was witnessed by screenwriter Nora Ephron, Barbara Walters, and writer Nicholas Pileggi. “We do believe we’re entitled to the loss,” said Wynn’s lawyer Barry Slotnick. “We have been waiting.”