Wynn To Sell A Picasso And A Warhol At Auction

It seems that the hotel world and the art world are intersecting in an interesting way.

The website, Artnet, is reporting that Steve Wynn is selling-off two major works in his art collection – one by Andy Warhol and the other by Pablo Picasso.

In recent weeks, Wynn sold off his shares in his company, Wynn Resorts, and stepped down as chief executive officer in the wake of sexual misconduct allegations.

Executive editor Julia Halperin told KNPR's State of Nevada that those two sales might be linked. She said that because Wynn sold his shares he might also have had to sell those two paintings.

“People who have a lot of money and a lot of assets don’t necessarily own their art outright," she said, "They buy it through a web of offshore accounts and trusts.”

Halperin said the first painting for sale is "Double Elvis" by Andy Warhol. It is expected to go for around $30 million. Wynn bought the painting for $37 million in 2012.

She said the painting is part of a series by the pop-art legend but it is not considered the very best example of the series.

The Picasso that is up for sale - on the other hand - is considered to be a "spectacular" example of Picasso's self-portraits, Halperin said. It is titled "Le Marin" and was painted in 1943. 

She said Wynn bought it in 1997 for $8.8 million but it is expected to sell for $70 million.

“He should do pretty well by the Picasso,” she said.

Julia Halperin, executive editor and writer, ArtNet.