Sotheby's Modern art evening sale in New York generated $186.4 million in total sales after fees, but the headline was the failure of Alberto Giacometti's 1955 sculpture *Grande tête mince (Grande tête de Diego)*, estimated at $70 million, which failed to receive a single bid. Despite the high-profile flop, Sotheby's walked away with $34.4 million in buyer's premium net of fees paid to third-party backers, and because it did not guarantee the Giacometti, it faced no financial risk from the unsold lot. The top seller was Pablo Picasso's *Homme assis* (1969), which sold for $15.1 million with fees. The sale's sell-through rate was 76.9 percent, and the hammer total of $152 million fell $88.3 million below the presale low estimate.
The sale matters because it reveals a cautious, selective market where high-value guarantees are risky and buyers are focusing on lower-value lots. The Giacometti failure underscores that even blue-chip trophy works can fail to attract bids when estimates are too aggressive, signaling a shift in collector confidence. Sotheby's transparent reporting—showing net buyer's premium after fees to irrevocable bidders—also highlights the financial mechanics behind auction results, contrasting with Christie's and Phillips's less transparent practices. The evening's results offer a key indicator of current market sentiment ahead of Christie's 21st-century evening sale.