One of the most important works by Pablo Picasso to appear on the market over the last several years will be offered by Sotheby’s in New York on the evening of November 3, 2008.

Arlequin dates to 1909, a pivotal moment in the history of modern art; just two years after Picasso completed his watershed composition, Les Demoiselles d’Avignon. Modeled with luminous shades of jade, rose and amber, this spectacular portrait depicts a harlequin, one of the most poignant motifs in the artist’s oeuvre.

For the last 50 years, this jewel of Picasso’s Cubist production has been a treasured possession of the Surrealist artist Enrico Donati, who died earlier this year at the age of 99. He purchased it in the 1940s directly from Daniel Henry Kahnweiler, the legendary dealer of Picasso and the Cubists.

The painting, which is expected to bring over $30 million, has been consigned by Mr. Donati’s estate. It will be seen by the public for the first time in more than 45 years when it goes on view at Sotheby’s London beginning October 3, 2008. It will then go on display at the Moscow Museum of Modern Art from 16-19 October and Sotheby’s New York from 29 October to 3 November.

Emmanuel Di-Donna, of Sotheby’s, said it was one the “greatest” Cubists to be sold on the open market. He added: “International collectors have not been presented with such a fantastic opportunity to compete for one of the great Picasso portraits since Sotheby’s sale of Dora Maar au chat.