CHICAGO (AP) — Christie's auction house in New York says Pablo Picasso's model of his famed Chicago sculpture didn't sell at auction after bids failed to meet a minimum reserve.
Authorities had hoped the sheet metal model would bring between $25 million and $35 million when it went up for auction Monday in New York. A welded-iron version of the sculpture was unveiled in Chicago in 1967.
Christie's says Picasso saved the smaller model for himself and sent a duplicate to Chicago to be used to create the sculpture. The piece is part of a larger auction of artwork from the private collection of renowned dealer Jan Krugier.