It's worth is estimated at $70 million, according to Fortune magazine. The Picasso self-portrait had been due to be included in Christie's May 15 Impressionist and Modern Art Sale in NY.
An interesting aspect to this incident is the fact that this is the second time one of the owner's - casino magnate Steve Wynn - highly-valued Picasso paintings had been damaged.
A PICASSO self-portrait worth an estimated €60million has been withdrawn from an auction in the U.S. today after it was "accidentally damaged". "Le Rêve", a portrait of Picasso's mistress Marie-Thérèse Walter, was also scheduled to be sold within days of the damage.
'After consultation with the consignor today, the painting has been withdrawn from Christie's May 15 sale to allow the restoration process to begin.' Christie's said.
Wynn is said to suffer from a disease that affects his peripheral vision, according to the outlet.
Christie's says its consignment contracts "have insurance provisions to cover damage and other contingencies". It comes a decade after Wynn accidentally put his elbow through another Picasso, "Le Reve", while showing it in his Las Vegas workplace.
A third piece of art owned by Wynn, Andy Warhol's 1963 "Double Elvis (Ferus Type)", will be offered as planned May 17, Christie's said.
Wynn grew up in Utica and is a 1959 graduate of The Manlius School, which later merged with Manlius Pebble Hill School.
In January, Wynn was hit by accusations from dozens of people in The Wall Street Journal alleging decades of sexual misconduct. He has denied wrongdoing. CNN reports he received $2.1 billion when he sold his stake in Wynn Resorts in March.