Pablo Picasso painting pulled from auction after being 'accidentally damaged'

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A PICASSO self-portrait worth an estimated €60million has been withdrawn from an auction in the U.S. today after it was "accidentally damaged".

"After consultation with the consignor today, the painting has been withdrawn from Christie's sale to allow the restoration process to begin", the NY auction house said in a terse statement. According to USA media, it belongs to former casino magnate Steve Wynn.

Christie's said, "The painting has been withdrawn from the sale to allow the restoration process to begin".

In NY, the auction took a self-portrait of Pablo Picasso "the Sailor" for the goal of restoration of the canvas. Before the incident, the painting was auctioned at Christie's for $ 70 million. Le Marin was expected to fetch one of the top five highest prices for a Picasso at auction.

"Christie's has a very high standard of care for the objects entrusted to us and we have taken immediate measures to remedy the matter in partnership with our client", the statement continued. The painting has now been damaged and pulled from auction.

Neither would it be Wynn's first Picasso to come a cropper. But even corrupted "the Dream" Picasso went under the hammer in 2013 for $ 155 million - bought the painting from Wynn American financier Stephen Cohen. In 2006 the billionaire put his elbow through Picasso's 1932 "Le Reve" whilst showing it to guests in Las Vegas. The painting had been worth $139 million before that, according to a lawsuit Wynn filed against the insurer, Lloyd's of London. The painting was restored and eventually sold for $US155 million.

According to Bloomberg, Wynn suffers from a disease that affects his peripheral vision. In February Wynn was forced to resign from the company he founded, Wynn Resorts, amid sexual harassment allegations.