GARY, Ind. (AP) – Gary’s cash-strapped school district has sold a model of Chicago’s famous downtown Picasso statue as part of an auction to boost the district’s finances.
The 16-foot-tall wooden model of the actual steel sculpture was sold last week for $23,000 (inclusive of the buyer’s premium) to a private collector from Belgium during an auction of several art pieces by Kraft Auction Service in Valparaiso, Indiana.
The model wasn’t created by Pablo Picasso, but the Spanish artist approved it as a model for his untitled Chicago sculpture unveiled in 1967.
The (Northwest Indiana) Times reports that the model was given to the Gary Community School Corp. in 1970.
The auction of art, as well as equipment and unused supplies, is part of a state-appointed emergency manager’s plan to shore up the school district’s finances and pay down its debt.
Absentee and Internet live bidding was available through LiveAuctioneers.
Information from: The Times, http://www.nwitimes.com
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