It probably won’t surprise you to learn that I am not a tax lawyer. But I do think that the late Elaine Wynn, who died in April at the age of 82, was very savvy in making the most effective use of the art in her estate. Judging from her obituaries, Wynn was happy to play a long game to advance her interests, whether that was the gambling empire she worked behind the scenes to build with Steve Wynn—whom she married and divorced twice—or her goal of building a major museum in Las Vegas in partnership with Michael Govan’s Los Angeles County Museum of Art. Now comes the news that her estate has donated Francis Bacon’s Three Studies of Lucian Freud, which she bought for $142 million in 2013, to LACMA.