An elbow to ‘Le Reve’ and he feels like a heel

Casino mogul Steve Wynn lost $139 million but got to keep one of his favorite paintings when he poked a hole in a Picasso last month. Now it will cost Wynn $85,000 to repair the damage to the artwork, if not his pride.

“Forget the money,” he said. “You hate ... to damage a painting like ‘Le Reve.’ ”

Wynn was showing the 1932 work by Pablo Picasso to several guests including Barbara Walters and screenwriter Nora Ephron in his Las Vegas office when he accidentally poked a hole in the canvas with his elbow.

Wynn called it “the world’s clumsiest and goofiest thing to do” and said he was glad he was responsible and not one of his guests. He said no one but him said a word. “The blood drained out of their faces,” Wynn said.

Wynn said the gaffe made him reconsider his deal to sell the painting to collector Steven Cohen. Just 36 hours before, Wynn had agreed to sell “Le Reve,” French for “The Dream,” for $139 million. Wynn bought the painting in 1997 for $48.4 million.

The painting, depicting Picasso’s mistress Marie-Therese Walter, was left with what the entrepreneur described as a thumb-sized flap in the canvas.

Wynn said it could cost $85,000 to repair the damage. He wouldn’t name the conservator in New York who was doing the work, but art experts say the painting can be repaired so that the tear won’t be visible.

“Now the argument is over diminution of value,” Wynn said.

The mogul has filed a loss claim with the insurer of the artwork, Lloyd’s of London, but declined to provide specifics: “For insurance purposes, we’re keeping our mouths shut,” Wynn said.