Picasso withdrawn from Sotheby's

Auctioneer Sotheby's has withdrawn a Picasso Cubist painting that was set to be auctioned as part of an Impressionist and modern art sale on Monday.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 €24 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 spokesman said.

The New York Times reported that there had been rumours 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.