Wynn Resorts Chairman Steve Wynn yesterday filed a lawsuit against insurance company Lloyds of London. I can’t help but comment on this lawsuit, not because I have anything of value to say about the law involved, but because the facts giving rise to the lawsuit are so humorous.
Wynn is a very rich gambling mogul. How rich? Well, Mr. Wynn owns a 1932 painting by Picasso called “Le Reve,” which he purchased in the late ’90’s for about 50 million dollars. Somehow last September, in an unspeakable moment of clumsiness, Wynn poked a hole in the painting with his elbow while showing it off to friends. He had sold the painting the day before for 139 million dollars, but the deal fell through after the damage was disclosed.
Wynn is seeking 54 million dollars from Lloyd’s, which, according to Wynn, is the loss in value of the painting following the damage.
This is just further evidence that no one is exempt from making stupid mistakes. Some are just more costly than others.