Las Vegas magnate Steve Wynn was showing Le Reve (The Dream) to guests at his office in Las Vegas last month.
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Mr Wynn, who has retinitis pigmentosa, an eye disease affecting peripheral vision, tore a coin-sized hole.
He will now keep the painting, which he bought in 1997 for $48.4m, and repair it.
Mr Wynn, known for gesturing with hands while speaking, was showing the painting at his office at Wynn Las Vegas when he struck it with his right elbow.
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