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UPDATE 1-Picasso work withdrawn from Sotheby's sale

Tue Oct 28, 2008 3:19pm EDT

(Updates with Sotheby's confirmation)

NEW YORK, Oct 28 (Reuters) - Auctioneer Sotheby's has withdrawn a Picasso Cubist painting that was set to be auctioned as part of an Impressionist and Modern art sale on Monday.

"Arlequin" (1909), which the auction house estimated at more than $30 million, was to be one of the most expensive works in a high-profile sale to kick off the fall art season.

"The owner decided to withdraw the painting for private reasons," a Sotheby's spokeswoman told Reuters.

The New York Times reported that there had been rumors for some time that the work would be taken off the market because of fears that art prices were heading the way of the world financial markets.

The painting was included in a catalog that was sent to potential buyers this month, the Times said. (Reporting by Michelle Nichols in New York and Shradhha Sharma in Bangalore; Editing by Paul Bolding and Vicki Allen)



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