Thursday October 23, 2014




Model of Chicago's Picasso sculpture doesn't sell at auction after bids fail to meet reserve


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 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 - 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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