Casino magnate Steve Wynn will keep and restore a Pablo Picasso painting that was accidentally damaged after Wynn put his elbow through it.

He had agreed to sell the painting, called Le Rêve (The Dream), to art collector Steven Cohen for $139 million US just before the accident.

A publicist for Las Vegas casino mogul Steve Wynn says he often gestures while talking with guests. Earlier this month, he gestured so hard he put an elbow through his Picasso.
A publicist for Las Vegas casino mogul Steve Wynn says he often gestures while talking with guests. Earlier this month, he gestured so hard he put an elbow through his Picasso.
(Kin Cheung/Associated Press)
The sale would have set a new record for any sale of a painting. It is $4 million US more than cosmetics magnate Ronald Lauder paid for Gustav Klimt's portrait Golden Adele.

Wynn paid $48.4 million US in 1997 for the Picasso,which shows Marie-Theresa Walter, Picasso's 21-year-old mistress.

Wynn had accident while gesturing

Wynn, who his publicist says gestures while he talks, suffers from retinitis pigmentosa, an eye disease that affects peripheral vision.

He struck the painting with his right elbow earlier this month while entertaining guests at his Wynn Las Vegas casino, including Barbara Walters and screenwriters Nora Ephron and Nicholas Pileggi.

He created a hole the size of a silver dollar in the left forearm of Marie-Theresa Walter.

"Oh shit, look what I've done," Wynn said, according to Ephron, who gave her account in a blog.

Wynn is now looking at getting the painting repaired.