Sotheby’s Auction Stumbles: $70 Million Giacometti Bust Fails to Sell
In an unexpected turn of events, Sotheby’s high-profile auction on Tuesday evening highlighted the fragility of the upper-tier art market when a stunning Alberto Giacometti bronze bust with a staggering $70 million price tag went unsold. The failure to attract bids for such a coveted piece left attendees and art enthusiasts shocked.
The centerpiece of the auction, known as “Grand tête mince (Grand tête de Diego),” failed to meet even the starting bid, which was set at $59 million. Auctioneer Oliver Barker struggled to entice bidders, ultimately concluding the auction with the bust still in hand, marking it a significant miss for both Sotheby’s and collectors present that evening.
Sotheby’s had high hopes for the Giacometti piece, which is among six casts made after the artist’s brother, Diego. It was consigned by the Soloviev Foundation, a charitable organization created by the late real estate magnate Sheldon Solow. Solow was known for deliberately avoiding auction guarantees — a decision that ultimately backfired this time around.
Art advisor Todd Levin commented on the situation, noting that no informed buyer, regardless of wealth, was willing to pay what amounted to a hefty premium for a work that recently sold for much less. He referenced a 2013 sale of a similar cast that went for just above $50 million, implying that current expectations were simply unrealistic.
The outcome of the auction was particularly disappointing for Sotheby’s, as the Giacometti bust was projected to represent nearly 30% of the total low estimate for the evening, which was set at $240 million. Ultimately, the auction only pulled in $152 million, fueling concerns that the top end of the market is experiencing a decline in demand.
Alex Glauber, president of the Association of Professional Art Advisors, remarked on the broader implications of the auction’s results, suggesting that the air is growing thin at the highest price levels for renowned artworks. This sentiment was echoed by Julian Dawes, Sotheby’s head of Modern and Impressionist art, who expressed confidence in the anticipated strong interest from serious collectors prior to the auction.
The failure of the Giacometti bust to sell adds to a mounting list of high-profile artworks that have struggled to find buyers, putting them at risk of becoming “burned,” a term used to describe pieces that fail to sell and lose value.
For Sotheby’s, this $70 million miss is now a heavy burden, a figurative "elephant in the room" as they reflect on their strategies moving forward. Recent history hasn’t been kind to the auction house, as last November they reached a settlement to pay $6.25 million over allegations that they helped wealthy clients evade sales tax on significant art acquisitions. This resulted in the state ordering Sotheby’s to adjust their practices and maintain compliance.
As the art world looks on, the recent auction serves as a wake-up call. The traditional high-stakes atmosphere surrounding elite art sales may need reassessment as buyers become more cautious, indicating a shift in market dynamics. Like many sectors, the fine art market is not immune to shifts in economic fortunes, raising questions about what the future holds for such monumental artworks and their once-mythical price tags.
