The era of the 'frugal consumer' is upon us, and it's extending all the way up the social/economic ladder.

• Picasso painting fails to sell – There was no buyer earlier this week for a 1971 Picasso painting, "Woman with Hat," estimated by Sotheby's (NYSE: BID) auction house to go at bid for $16-24 million. Further, an Alberto Giacometti 1951 bronze sculpture of a cat, also with a $16-24 million estimate, was withdrawn. Sotheby's said each fell below their reserve prices, The Associated Press reported.

Steve Wynn's accidental ripping of Picasso's Le Reve ("The Dream") is the year's most expensive errant elbow. Fellow collector and hedge fund billionaire Steve Cohen has a bit more space for Damien Hirst's refreshed shark since the deal to sell him the Picasso for $139 million abruptly ended as Wynn stuck his elbow into the painting.

Wynn suffers from an eye disease called retinitis pigmentosa, which impairs his peripheral vision, and this may have contributed to the unfortunate poke as he showed off the painting to a group of friends in September.

Wynn paid $48.4 million for the painting in 1997, so a two-inch tear is a $90.6 million loss. Nora Ephron quotes Wynn saying "This has nothing to do with money. The money means nothing to me," moments after putting his elbow through the famous painting. I guess you can file that under 'H': for 'How the rich are different.'

But it's probably true. So no tears for Mr. Vegas.

Wynn's been a billionaire since 2004. And it's a good thing since the repair is estimated to cost $85,000. Pocket change! His wife Elaine has been quoted as saying she considers this "a sign" that they should keep the painting, so keep it they will. In addition, Wynn Resorts (NASDAQ:WYNN) recently announced a $6 per share dividend. The extra $8 million or so should help ease the pain of not selling the most expensive painting ever.

Steve Wynn has at least acquired some great nicknames: "Cubist Killer "(NY Post) and "billionaire goofball "(BoingBoing.net). This is also a cautionary note to those of us who tend to talk with our hands -- it could end up costing you.