As fallout for sexual misconduct claims continue, Wynn prepares to sell $100 million worth of art

Former CEO of Wynn Resorts, former Finance Chair for the Republican National Committee, and 1963 College graduate Steve Wynn is reportedly preparing to sell off at least two high-profile pieces at an auction at Christie’s New York next month, ArtNet News reported. 

His reported sale of high-value artworks comes as the latest fallout after the real estate mogul was met with reports of sexual assault and harassment. Earlier this year, Wynn sold all of his shares in his hotel and casino corporation Wynn Resorts. 

In February, Penn also removed Wynn's name from the common area outside Houston Hall he donated $7.5 million to build, revoked his 2006 honorary Doctor of Laws degree, and removed his name from his eponymous scholarship — a move that sparked controversy among his fellow 1963 classmates. 

As of Jan. 26, Forbes reported that Wynn's net worth was $3.6 billion. The magazine revised that worth to $3 billion as of April 11. 

Andy Warhol’s “Double Elvis” [Ferus Type] (1963), Pablo Picasso’s “Le Marin” (1943), and Pablo Picasso's "Femme au chat assise dans un fauteuil" (1964) are expected to earn a combined price tag of between $100 and $150 million at the auction next month, Bloomberg Markets reports.

According to ArtNet News, Christie’s described the estimated $30 million Elvis piece as, “among the defining icons of [Warhol’s] oeuvre,” and an absolute highlight of the post-war contemporary sale it is holding on May 17. 

Wynn has already sold art by Warhol in the past, parting with his famous 1981 piece, “Superman,” only a few years ago in 2015. The piece fetched $14.4 million at the time, Bloomberg Markets reported. 

The oil-on-canvas piece by Picasso titled “Le Marin” is celebrated as one of his greatest self-images, as reported by Blouin Art Info. In the painting, Picasso is wearing one of his famous striped fisherman's jerseys and a weary expression reflecting his disgust in the outbreak of World War II. If the piece fetches its expected price of $70 million, then it will become one of the five most expensive works sold by Picasso at auction.

While it remains rather unclear why Wynn has decided to sell his art now, it seems in line with his recent trend of liquidating his assets. As ArtNet News reported, Wynn has sold more than 11 million shares of his company to institutional investors, and received an approximate $2.1 billion for selling his stake in the firm.