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

Thursday - 11/7/2013, 8:24am  ET

FILE - This 2013 file photo provided by Christie's Images Ltd. shows a model of Pablo Picasso's famed Chicago sculpture named "Tete." The late Spanish artist created the piece between 1962 and 1964. Christie's auction house in New York says the 41 ½ inch tall model didn't sell at auction Monday, Nov. 4, 2013, 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. (AP Photo/Courtesy of Estate of Pablo Picasso/Artist Rights Society via Christie's Images Ltd., File)

CHICAGO (AP) -- Christie's auction house in New York says Pablo Picasso's model of his famed downtown Chicago sculpture did not 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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