Investment Don’ts

Steve Wynn recently sold Picasso’s “Le Reve” (pictured above) for $139 million. Art can be a great investment. He bought it nine years ago for “just” $48.4 million. That’s an annualized return of 12.4%.
Unfortunately for Steve-o, he accidentally poked a hole in it:

“Oh shit,” he said. “Look what I’ve done.”
The rest of us were speechless.
“Thank God it was me,” he said.
For sure.
The word “money” was mentioned by someone, or perhaps it was the word “deal.”
Wynn said: “This has nothing to do with money. The money means nothing to me. It’s that I had this painting in my care and I’ve damaged it.”

Oopsie.

Posted by Eddy Elfenbein on October 17th, 2006 at 2:56 pm

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