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.
The failed sale signals growing fragility at the very top of the art market, where even masterworks by blue-chip artists are struggling to find buyers. Art advisors and analysts noted that the absence of a guarantee may have discouraged bidding, and that the price premium over a comparable 2013 sale (just over $50 million) was too steep for informed collectors. The result follows Christie's recent withdrawal of a Warhol "Electric Chair" and raises concerns about a thinning upper pricing band. For Sotheby's, the embarrassment comes on the heels of a $6.25 million settlement with New York authorities over sales-tax evasion allegations.