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.
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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.