{"id":189830,"date":"2021-10-25T13:55:04","date_gmt":"2021-10-25T20:55:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=189830"},"modified":"2021-10-25T15:55:03","modified_gmt":"2021-10-25T22:55:03","slug":"mgm-resorts-raises-over-100m-in-picasso-selloff","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/","title":{"rendered":"MGM Resorts Raises Over $100M in Picasso Selloff"},"content":{"rendered":"

MGM Resorts cashed in 11 Picassos for a total of $109 million via a Sotheby\u2019s auction at the Bellagio<\/a> in Las Vegas on Saturday.<\/p>\n

\"mgm
\u201cFemme au beret rouge-orange,\u201d pictured, was the most expensive piece at Saturday\u2019s auction, selling for $24.4 million. (Image:\u00a0 Sotheby\u2019s\/PA)<\/figcaption><\/figure>\n

The artworks were part of the MGM Resorts Fine Art Collection, which was started by Steve Wynn<\/a>. MGM acquired the works when it bought the Mirage from Wynn in 2000 for $4.4 billion.<\/p>\n

\n

The centerpiece of the auction was Picasso\u2019s 1938 painting, \u201cFemme au beret rouge-orange\u201d (Woman with the Red-orange Beret), a portrait of the artist\u2019s lover, Marie-Therese Walter. It surpassed auction house valuations of between $20 million to $30 million, ultimately selling for $40.5 million.<\/p>\n<\/div>\n

Another portrait, \u201cHomme et Enfant\u201d (Man and Child), sold for $24.4 million. Along with nine paintings under the hammer, there were small ceramic works that went for three or four times the estimate, one for $2.1 million, Reuters<\/em> reports.<\/p>\n

DiCaprio Among Guests\u00a0<\/strong><\/h2>\n

All artworks were purchased anonymously, although Leonardo DiCaprio was spotted among the white-glove crowd. The Hollywood star is known to be a fan of the Modernist master, and he may have been on the lookout for a replacement.<\/p>\n

DiCaprio was forced to surrender one of his Picassos to the US government in 2017 after the dealer he bought it from was implicated in the 1MDB<\/a> Malaysian government embezzlement scandal.<\/p>\n

MGM has said at least some of the money raised will be reinvested into the company\u2019s fine art collection so that it encompasses works by women, people of color, and other \u201cunderrepresented communities.”<\/strong><\/p>\n

The 900-strong collection currently contains works by David Hockney, Henry Moore, Frank Stella, Bob Dylan, and numerous contemporary artists.<\/p>\n

Five of the paintings sold on Saturday had, until recently, adorned the walls of the Bellagio\u2019s flashy French-Spanish restaurant, Picasso. They won\u2019t have to change the name of the joint, though \u2013 it has 12 more Picassos to spare.<\/p>\n

Diversifying Business <\/strong><\/h2>\n

Art has become increasingly important to MGM, which now considers itself to be more about the \u201cexperiential business\u201d than the gambling business. Today, 70 percent of its revenues come from these non-gaming \u201cexperiences.\u201d<\/p>\n

It even has an executive director of Art and Culture, Tarissa Tiberti. Tiberti\u2019s job involves managing\u00a0the collection, commissioning new works, and\u00a0overseeing MGM’s visual arts-focused partnerships.<\/p>\n

The art budget is part of the entire experience budget,\u201d<\/strong> Ari Kastrati, MGM Resorts’ Chief Hospitality Officer, told the Financial Times<\/em> on Sunday. \u201cWhen we commit to designing something new, art is at the epicenter of that decision.\u201d<\/strong><\/p><\/blockquote>\n

The man who started this ball rolling, Steve Wynn, whose Mirage resort arguably kicked off the diversification of Las Vegas, quit the casino business under a cloud in 2018. That\u2019s after he was accused in a Wall Street Journal<\/em> expos\u00e9 of engaging in a decades-long pattern of sexual misconduct towards female staff members.<\/p>\n

Wynn has since reinvented himself as a dealer in multimillion-dollar fine art. His new company, Wynn Fine Art, currently has Picassos, Matisses, and Warhols for sale.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM Resorts cashed in 11 Picassos for a total of $109 million via a Sotheby\u2019s auction at the Bellagio in Las Vegas on Saturday. The artworks were part of the MGM Resorts Fine Art Collection, which was started by Steve Wynn. MGM acquired the works when it bought the Mirage from Wynn in 2000 for […]<\/p>\n","protected":false},"author":36,"featured_media":189831,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\nMGM Resorts Raises Over $100M in Picasso Selloff<\/title>\n<meta name=\"description\" content=\"MGM Resorts Picasso auction raises more than $100 million, at least some of which the company plans to reinvest in its collection.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Resorts Raises Over $100M in Picasso Selloff\" \/>\n<meta property=\"og:description\" content=\"MGM Resorts Picasso auction raises more than $100 million, at least some of which the company plans to reinvest in its collection.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-25T20:55:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-25T22:55:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/pic.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1240\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/\",\"name\":\"MGM Resorts Raises Over $100M in Picasso Selloff\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/pic.jpg\",\"datePublished\":\"2021-10-25T20:55:04+00:00\",\"dateModified\":\"2021-10-25T22:55:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"MGM Resorts Picasso auction raises more than $100 million, at least some of which the company plans to reinvest in its collection.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resorts-raises-over-100m-in-picasso-selloff\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/pic.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/10\/pic.jpg\",\"width\":1240,\"height\":700,\"caption\":\"\u201cFemme au beret rouge-orange,\u201d pictured, was the most expensive piece at Saturday\u2019s auction, selling for $24.4 million. 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