LOST VEGAS: Wynn’s $28 Million Popeye

In 2009, Jeff Koons, recognized for his gleaming sculptures of balloon dogs and toy trains, began constructing three 6-foot-5 Popeye figures from an actual ton of mirror-finished steel. It required two years for the pop artist along with his team to finish. 

One visited art gallery giant Larry Gagosian, while another went to billionaire hedge fund manager Steve Cohen. In 2014, the third piece was acquired for $28.2 million by Steve Wynn at a Sotheby’s auction. 

The casino tycoon placed his in the Wynn Las Vegas Esplanade, making it visible to everyone entering and exiting the Wynn Theater. 

Twice annually, he allegedly brought in two cleaning experts from Germany for an all-day detailing at a cost of $15K per individual each occasion, in addition to travel costs. He ensured that the statue was monitored by two security guards at all times. This was likely aimed more at preventing vandalism than theft, as stealing a 2,000 lb. statue would have needed an immense amount of spinach consumption. 

In 2015, as reported by the late Las Vegas blogger Robin Leach, a competing art collector proposed $60 million to Wynn, but he turned down the $32 million gain. 

Pop Eye 

Popeye, a pop culture legend since his inception in 1929, transformed into a pop art symbol when Andy Warhol started illustrating him in artworks.

"I became drawn to the Popeye image in a very intuitive way,” Koons said in 2014. “I wanted to have a dialog with art history and with pop art, and also a dialog with technology and to deal with the aspect of acceptance.”

Critics often mock Koons' art as being cheap and imitative of Warhol. However, Wynn expressed that he valued Popeye's "fun and fanciful character." 

To be honest, Wynn really enjoyed a lot of what Koons created in sculpture. And that’s due to the fact that it was an excellent investment. 

In November 2013, the artist's “Balloon Dog (Orange)” set a record as the highest-priced artwork sold by a living artist, fetching $58.4 million at a Christie’s auction. That record was only exceeded in May 2019 — by another Koons artwork — “Rabbit,” which sold for $91 million at Christie’s. 

In 2012, Wynn acquired another Koons piece, “Tulips,” at auction for $33.7 million. He exhibited it at the Wynn from 2013 until 2016, prior to relocating it to Wynn Palace in Macau. It was relocated to Las Vegas in October 2019. 

Popeye Sets Sail 

Popeye stood tall at the Wynn until June 2019, when he was taken out of Las Vegas a year after Wynn was. 

The statue was relocated to Encore Boston, where the president remarked at that moment that Wynn had always planned for it to be permanently displayed there.

"He’s a great connection to the water for us,” Robert DeSalvio said. “What better place for a randy sailor than on a waterfront?”

The most renowned sailor in the world was only based in Boston for a year, though. He vanished around the COVID period. Certain employees informed inquisitive visitors that he was currently in storage, while others claimed he had been sold privately. 

This alternative narrative resonates more with us, as every casino needed funds to endure the pandemic crisis, because the statue was strongly associated with Steve, and due to Popeye’s absence now appearing to be lasting