MGM is auctioning 11 Picasso works worth up to $104 million that were originally collected by former casino mogul Steve Wynn
MGM Resorts is auctioning 11 Picasso artworks worth up to $104 million, according to Bloomberg.
The works were first collected by Steve Wynn, who then sold his business to MGM.
MGM told the Journal that the resort is shifting toward modern art "by women and artists of color."
One of the most anticipated art sales of the fall season won't take place in Manhattan's Upper East Side - instead, MGM Resorts will auction off 11 Picasso works valued up to $104 million in a Las Vegas casino.
The 11 Picasso paintings, sculptures, and drawings were originally collected by Steve Wynn, former casino mogul and ex-head of Wynn Resorts. Wynn sold his Mirage Resorts business to MGM in 2000, and later exited the casino industry in 2018 following allegations of sexual assault and harassment - which he denies - and has kept a low profile ever since.
Sotheby's, one of the world's largest brokers of fine art, will travel to Las Vegas for the event. The Wall Street Journal reported that this will be the first time Sotheby's has hosted an auction outside of major art hubs such as London and New York.
MGM told the Journal that the auction is part of the resort's shift toward contemporary art and works "by women and artists of color."
The Picassos originally purchased by Wynn are on display in the Bellagio Hotel & Casino's Picasso-themed restaurant, where the average meal costs around $132 and a premium wine pairing is priced at $133.
The auction's most expensive works include a 1938 portrait of Picasso's mistress, called "Woman in a Red-Orange Beret," which is expected to bring in at least $20 million. A 6-foot portrait titled "Man and Child" is projected to sell for a similarly high price.
MGM told the Journal that the auction may demonstrate whether or not collectors are willing to associate themselves with Wynn's collection. However, the resort said it is not intentionally severing itself from Wynn, adding that the former exec "played a pivotal role" in curating the resort's artwork.
MGM Resorts and Wynn Fine Art did not respond immediately to Insider's request for comment.
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