An important Pablo Picasso painting has been withdrawn from a Sotheby’s Impressionist and Modern art auction in New York. The 1909 work titled “Arlequin” was expected to make more than $30 million.
Recent art auctions in London, Sydney and Hong Kong have shown that the world financial crisis is knocking on the door of the art market. Sotheby’s says that the owners withdrew the painting for personal reasons.
The harlequin painting was owned by the late Italian born American surrealist painter Enrico Donati. Donati paid $12,000 for the work back in the 1940s.