A Diego Velázquez portrait of Spanish Queen Isabel de Borbón, which was expected to break the artist’s previous records, was quietly withdrawn from auction by Sotheby’s in New York. The court painting, which has been owned by a private family trust in the US since 1978, was pulled due to “ongoing discussions” on behalf of the sellers. The painting did not appear in the auction house’s digital sales catalogue released on December 21. There is speculation that a US museum may have put in an offer, however, Sotheby’s declined to comment, the Art Newspaper reported Friday. The 1620s painting was...