Picasso Painting Withdrawn from Sotheby's Sale

Carol Vogel of the New York Times is reporting that Picasso's 1909 cubist painting "Arlequin" has been withdrawn from Sotheby's November 3rd sale. The estimated sales price was $30 million, and according to the article Sotheby's did not offer a guarantee. Instead of the guarantee, Sotheby's agreed to allow the consignor to withdraw the painting from the sale, which has been done.

Vogel reports “Arlequin” (1909), which the auction house estimated at more than $30 million, was one of the most expensive works in a high-profile sale that will kick off the important fall art season. The painting is included in the catalog that was sent to potential buyers this month. “It’s been withdrawn for private reasons,” David Norman, a co-chairman of Sotheby’s Impressionist and modern art department worldwide, said late Monday. He was speaking on behalf of the seller, who could not be reached. It had been rumored for weeks that the work would be taken off the market because of fears that art prices were heading the way of the world financial markets.

To read the New York Times article, click HERE.