LONDON — A painting by Pablo Picasso that was expected to fetch more than $30 million at auction next week has been withdrawn from sale.

“Arlequin” was to have been one of the star lots at Sotheby’s Nov. 3 sale of Impressionist and modern art in New York. A Sotheby’s spokeswoman said Tuesday the painting had been withdrawn by the seller “for private reasons.”

A series of high-profile artworks have failed to reach the expected prices at recent auctions as the global economic crisis hits the art market.

The 1909 cubist painting of a jester in hues of green rose, jade and amber was owned for more than 50 years by surrealist painter Enrico Donati, who died in April. It was put up for sale by his estate.

Next week’s New York sales at Christie’s and Sotheby’s are considered an important test of the softening market. The last such sales, in May, generated more than $500 million between them.