The mogul who put his elbow in it sues over Picasso's price

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It is barely four months since Steve Wynn, the casino and hotel mogul, embarrassed himself by sticking his elbow through the canvas of a Picasso portrait before a bunch of his friends, including the broadcaster Barbara Walters and the screenwriter Nora Ephron, in his Las Vegas office. But in a sign that he has lost patience with his insurers, Lloyd's of London, he is suing them for $54m (£28m).

Mr Wynn never attempted to blame anyone but himself for the accident calling it the "world's clumsiest and goofiest thing to do". Only days earlier he had concluded a deal to sell the painting for £71m. The sale was called off and the canvas was sent to Manhattan for repair, which Lloyd's agreed to pay for.

But in court papers filed in New York, lawyers for Mr Wynn allege the entire episode has reduced the value of the painting to £43m. Thus he is suing Lloyd's arguing that the company has not properly responded to his claim. Mr Wynn bought the picture, a portrait of Marie-Therese Walter, in 1997 for £24.7m.