The painting, called "Le Marlin", was being prepared for an auction at Christie's this week when it was damaged on Friday.
According to USA media, it belongs to former casino magnate Steve Wynn.
For the second time in 12 years a Picasso masterpiece owned by the billionaire collector Steve Wynn has been damaged days before being sold. Details, including how bad the damage is or how it happened, have not been disclosed.
The painting was one of three that Mr Wynn had consigned to Christie's for sale this week for a total of as much as US$135 million, according to the auction house's estimates.
"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.
Picasso biographer John Richardson added that the painting's subject was a girl named Linda who "sold her body as well as her roses outside the Moulin Rouge". In 2006 the billionaire put his elbow through Picasso's 1932 "Le Reve" whilst showing it to guests in Las Vegas.
According to Bloomberg, Wynn suffers from a disease that affects his peripheral vision.
In January, Wynn was hit by accusations from dozens of people in The Wall Street Journal alleging decades of sexual misconduct.
The nature and extent of the damage to "Le Marin" remains unclear. On Monday, Christie's said it pulled another Picasso from the auction - a 1964 portrait of a woman with a cat, "Femme au chat assise dans un fauteuil", estimated at $25 million to $35 million.
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