The sculpture, which was being sold by Lew Manilow, the Chicago collector, went to another telephone bidder for $5.6 million, a record for the artist.
A Chicago collector turned down that amount over a year ago.
Stefan Edlis, the Chicago collector, bought it for $251,500.
"Sure, I sell to Chicago collectors," said Mr. Young, an Englishman who came to the city in 1976.
The seller was Francis Dittmer, the Chicago collector.
Despite its pristine provenance - the seller was Lew Manilow, the Chicago collector - there wasn't a single bid.
Potential competitors speculate that Francis and Thomas Dittmer, well-known Chicago collectors, are their secret benefactors.
A wealthy Chicago collector came to grief when Cornell insisted on seeing photographs of the works he had already acquired.
It had belonged to the Chicago collectors Bette and Neison Harris.
Chicago collectors are not like New York collectors.