Failed auction of $70M bronze bust stuns Sotheby’s bidders into silence

Sotheby's high-stakes Modern evening sale on Tuesday night ended in shock when Alberto Giacometti's bronze bust "Grand tête mince (Grand tête de Diego)," estimated at $70 million, failed to sell. Bidding stalled at $64.25 million, well below the reserve, and auctioneer Oliver Barker withdrew the lot. The consignment came from the Soloviev Foundation, the nonprofit arm of the late real estate mogul Sheldon Solow, who had declined an auction guarantee. The sale ultimately brought in only $152 million, far short of the $240 million low estimate, with the Giacometti representing nearly 30% of that target.