Outside conservators have already been consulted to restore the piece.
It's not the first time a Picasso owned by the mogul has been damaged.
Malaga-born Pablo Picasso's Le Marin (The Sailor), painted in 1943, will not now be going under the hammer in NY today. It happened over the weekend at Christie's auction house during preparation to be sold.
Because of the restoration value of the painting crashed to 50 million.
"Christie's has a very high standard of care for the objects entrusted to us and we have taken immediate measures to remedy the matter in partnership with our client", the statement continued. "No further information is available at this time". Its valuation meant it could potentially be one of the five most expensive Picasso works to be auctioned. It was formerly in the collection of Victor and Sally Ganz and later bought by Wynn.
The circumstances of the latest incident are unknown.
Wynn, who suffers from a disease that affects his peripheral vision, accidentally struck his Picasso "Le Reve" with his right elbow in 2006 while showing it to friends in his Las Vegas office, leaving a hole the size of a silver dollar.
Bloomberg reports that Christie's removed another Picasso painting from the auction owned by Wynn, which was a 1964 portrait of a woman with a cat valued at about $25 to $35 million.
It was worth $139 million, before the damage. In February Wynn was forced to resign from the company he founded, Wynn Resorts, amid sexual harassment allegations. The billionaire also quit as finance chairman of the Republican National Committee.
Wynn had put some of his works on show in Wynn properties and talked of his holdings so there was no doubt of their ownership. Lin Wood, a spokesman for Wynn, declined to comment.
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