Steve Wynn just can't seem to find enough frivolous things to blow his billions on. Ostensibly tired of the "old" ideas of building hotels, paying off women you've assaulted, superyachts, simply lighting money on fire and wiping your ass with $100 bills, all formerly favorites of billionaires worldwide, Wynn has instead decided to incinerate his capital in a new way: the art world.
Perhaps this is why it was reported yesterday that Wynn had just purchased two Picasso paintings from the collection of the late Donald B. Marron for an astounding $105 million, according to ARTNews.
The deal reportedly includes Woman with Beret and Collar, from 1937, a portrait of Picasso's lover, and Seated Woman (Jacqueline), a 1962 portrait of his second wife. No news yet on whether or not any Wynn employees will be filing sexual harassment suits for Wynn entertaining both of Picasso's lovers at the same time.
Marron's collection, amassed over the course of 50 years, is said to be worth at least $450 million.
“Mr. Wynn frequently buys and sells fine art,” a spokesperson for Wynn told the Wall Street Journal. Yeah, and small countries.
Major auction houses like Sotheby's, Christie's and Phillip's are all in competition to sell off Marron's collection since his passing at age 85 in December. Marron's widow decided to bypass these routes last week, and instead cosigned 300 works from the collection to Pace, Acquavella, and Gagosian galleries.
“It was a lot of money, so we have to deliver - we can’t send any works back to her,” said Bill Acquavella.
The galleries have not commented on how much they offered Marron's widow, but it is likely well over $300 million. The Wynn pieces are still scheduled to appear at exhibitions at the Pace, Gagosian, and Acquavella New York galleries.