Picasso's painting entitled "La Reve" depicts his mistress Marie-Therese Walter. Casino magnate Steven Wynn bought the portrait in a private sale in 2001. Aside from his hotel and casino empire, Wynn is also known for collecting art masterpieces.
However, in 2006, he decided he'd like to sell "La Reve." His friend, Steven Cohen, badly wanted the painting and agreed to pay $139 million for it - the highest amount ever paid for a work of art.
Cohen had the painting inspected to make sure it was in excellent condition and the sale was basically a done deal. All that remained was for the money and painting to be exchanged. The weekend before this took place, Wynn had a few guests out to his hotel in Las Vegas, including Nora Ephron and Barbara Walters. Hearing that "La Reve" would soon be leaving Wynn's care, they insisted on seeing it.
Wynn obliged and took them to his office where he'd recently moved the painting. There, he started telling Picasso's story. As he spoke, Wynn, who suffers from an eye disease that affects his peripheral vision, backed up ever so slightly and gestured. His elbow struck the painting, and there was a distinct ripping sound. He had just punctured "La Reve" and left a two inch rip.
Undeterred, Wynn contacted Cohen to tell him the bad news, and the deal was off. He then sent the painting to an art restorer to fix. His wife, hearing what had happened, proclaimed it was a sign that Wynn shouldn't sell the painting, and Wynn did decide against selling it.