The top lot of Sotheby's May auction season in New York, Alberto Giacometti's bronze sculpture *Grande tête mince (Grande tête de Diego)* (1955), estimated at $70 million, failed to sell on Tuesday night. The work was consigned by the Soloviev Foundation, set up by Stefan Soloviev, son of late mega-collector Sheldon Solow, and was offered without a financial guarantee, a risky strategy that backfired when no bidders emerged. Auctioneer Oliver Barker made several chandelier bids before declaring the lot unsold at $64.2 million, shocking the packed salesroom.
The failure of this high-profile lot signals a softening demand for trophy art at the highest price levels, with dealers and advisors pointing to an overly aggressive estimate and a lack of collector confidence. The result overshadowed an otherwise steady auction that totaled $186.4 million, with competitive bidding on works by Edvard Munch and Frantisek Kupka. The episode underscores a growing caution among ultra-wealthy collectors, who are increasingly selective and hesitant to bid without guarantees, marking a shift from the risk-taking approach that previously characterized the top end of the art market.