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Picasso Chicago Sculpture Model Fails To Sell At Auction

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Pablo Picasso's 'Tête (Maquette pour la sculpture en plein air du Chicago Civic Center)' is displayed October 31, 2013 at Christie's in New York. (DON EMMERT/AFP/Getty Images) | Getty

CHICAGO -- 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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