Model of Chicago's Picasso Doesn't Sell at Auction

Christie's auction house in New York says Pablo Picasso's model of his famed Chicago sculpture didn't sell at auction after bids failed to meet a minimum reserve.

Authorities had hoped the sheet metal model would bring between $25 million and $35 million when it went up for auction Monday in New York.

A welded-iron version of the sculpture was unveiled in Chicago in 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.