Casino mogul Steve Wynn informed this week that Lloyd’s of London had made him an offer to settle his $54 million claim of lost value for a Picasso canvas after Wynn accidentally made a hole in it with his elbow.

“They've started to negotiate,” he said, and also made clear that he was not satisfied with the talks. “Their offer is ridiculous”. Wynn filed a lawsuit in the U.S. District Court in Manhattan claiming for reimbursement and restoration costs for Picasso’s painting “Le Reve” (The Dream).

According to Wynn, a $90,000 restoration repaired the canvas but left it flawed under black light. The millionaire also attacked the insurance industry as a whole and accused insurance companies of “irresponsible, careless, inconsiderate and deliberate evasive behavior.”