Pablo Picasso: Portrait of Angel Fernandez de Soto
The Art market has lost one of its greatest attractions for this fall season, as Christie's New York has withdrawn from its November sale of Impressionist and Modern Art the "Portrait of Ángel Fernández de Soto", painted by Pablo Picasso in 1903, estimated at $40-60 million, although many experts considered that the work could have easily surpassed this estimation at the sale.
This beautiful blue Picasso had been consigned by the Andrew Lloyd Webber Foundation, but a New York Court considered that a Berlin collector was forced to sell the canvas due to Nazi persecution in 1935, so the work was finally withdrawn. Christie's press department says: "Christie’s and The Andrew Lloyd Webber Art Foundation today announced that – with great reluctance – they will withdraw the magnificent Blue Period Portrait de Angel Fernández de Soto, 1903, that had been scheduled for sale at Christie’s New York sale of Impressionist and Modern Art this evening. The joint decision was the result of 11th-hour claims – claims that Christie’s and the Foundation believe to have no merit – about title to the picture..."
Nevertheless, the withdrawn of this work seems to have not affected to the sale, which totalled $491 million, becoming the most valuable sale ever. You can read more about this auction in this link.