LAS VEGAS— MGM Resorts International has enlisted Sotheby’s to come to Las Vegas to auction off a cache of Pablo Picasso paintings amassed years earlier by casino magnate Steve Wynn. The 11 Picassos to be sold have long been displayed at a Picasso-themed restaurant at the Bellagio Hotel & Casino.
The Oct. 23 sale is part of MGM’s effort to become known as a powerhouse in contemporary art. By shedding the Picassos, the casino operator aims to make room and money to expand its contemporary art collection. The Picassos were originally picked out by Mr. Wynn, whom the industry sidelined after allegations of sexual misconduct emerged against him three years ago, which he has denied.
It isn’t clear whether Mr. Wynn’s ties to the Picassos will help or hurt the artworks’ sale prices. The company said that it isn’t seeking to distance itself from Mr. Wynn by selling off the Picassos but is aware that the sale could serve as a referendum on his taste—and on collectors’ willingness to buy art affiliated with the shunned mogul.
Mr. Wynn “played a pivotal role” in kickstarting MGM’s collection, said Ari Kastrati, the company’s chief hospitality officer. He said MGM now aims to use the Picasso proceeds to buy more contemporary works by women and artists of color. “We’ve evolved a lot,” he added.
The sale, expected to bring in at least $70 million, is poised to be one of the most closely watched of the fall season, in part because Sotheby’s has never before taken its show on the road. The house typically ships and sells consigned art to established hubs like New York, so an auction conducted within a casino will test whether art buyers are ready to embrace a new venue.