During the Sotheby’s high-stakes auction on Tuesday night, attendees were left stunned when the $70 million bronze bust by Alberto Giacometti didn’t find a buyer, leaving many in disbelief.
Giacometti’s piece, titled “Grand Tête Mince (Grand Tête De Diego),” had sky-high expectations, but it turned out to be too ambitious for the cash-conscious crowd.
Bidding opened at $59 million, but auctioneer Oliver Barker couldn’t secure offers beyond $64.25 million, leading to the bust being labeled a flop.
One of only six cast models inspired by the artist’s brother Diego, this monumental bronze was commissioned by the Soloviev Foundation, affiliated with the late real estate mogul Sheldon Solow.
While Solow was known for ensuring auction guarantees, this time he took the traditional auction path, which ultimately didn’t pay off.
Todd Levin, an art advisor based in New York, mentioned that no informed buyer—whether billionaire or not—would agree to pay a 50% premium compared to previous sales, noting one that had fetched over $50 million back in 2013.
The failure to sell this artwork was a significant setback for Sotheby’s modern evening auction, where Giacometti accounted for nearly 30% of the estimated total of $240 million.
In the end, the auction finished with total sales of just $152 million, prompting thoughts about whether the high-end market is losing its appeal.
Julian Dauks, head of contemporary and impressionist art at Sotheby’s, expressed hopes for strong participation from major collectors, stating they felt a responsibility to proceed with the auction.
Currently, Giacometti’s piece joins a growing list of renowned artworks that have failed to sell.
For Sotheby’s, this $70 million bust has become a rather awkward topic of conversation.
Recently, the auction house faced scrutiny over tax law issues, agreeing to pay $6.25 million after allegations surfaced that it helped wealthy clients evade sales taxes on art purchases.
Prosecutors accused Sotheby’s of allowing buyers to falsely represent themselves as resellers, leading to calls for the auction giant to correct its practices.
