Mexican artist Diego Rivera's "Girl in Blue and White" failed to find a buyer at Sotheby's Latin American art auction in New York.
The 1939 oil painting of 10-year-old Juanita Rosas was expected to fetch between $4 million and $6 million at Wednesday's auction. The maximum bid on the painting was just $3.7 million.
Sotheby's says it was Rivera's most important painting to be auctioned in decades.
Rivera's current record is just over $3 million for the 1928 oil on canvas "Dancing in Tehuantepec," sold in 1995 at Sotheby's in New York.
Mexican Rufino Tamayo's "Troubadour" currently holds the auction record for Latin American art. It fetched $7.2 million in 2008.