Model of Chicago's Picasso doesn't sell at auction

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By AP

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Updated: Wed, 06 Nov 2013 02:18:11 EST

CHICAGO (AP) — Christie's auction house in New York says Pablo Picasso's model of his famed downtown Chicago sculpture didn't sell at auction after bids failed to meet a minimum reserve. Authorities had hoped the piece would fetch between $25 million and $35 million when it went on the auction block Monday in New York. The sheet metal model is about 41 inches tall and 27 inches wide. A 65-foot welded-iron version of the sculpture was unveiled in Chicago's Daley Plaza on Aug. 15, 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.

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