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updated: 11/7/2013 7:32 AM

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

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  • A model of Pablo Picasso's famed Chicago sculpture named "Tete." The late Spanish artist created the piece between 1962 and 1964.

      A model of Pablo Picasso's famed Chicago sculpture named "Tete." The late Spanish artist created the piece between 1962 and 1964.
    Associated Press

 
Associated Press

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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