Sotheby’s Modern Evening Auction on May 13, 2025, achieved $186.4 million in sales but was overshadowed by the failure of its headline lot: Alberto Giacometti’s hand-painted bronze bust *Grande tête mince (Grande tête de Diego)*, estimated at $70 million. The work, consigned by the Soloviev Foundation, went unsold after minimal bidding, lacking a guarantee or irrevocable bid. Other highlights included a strong performance by Edvard Munch and Paul Cézanne works, with 40% of lots exceeding high estimates. Notable sales included Georgia O’Keeffe’s *Leaves of a Plant* ($12.97 million) and Alexander Calder’s *Four Big Dots* ($8.285 million), both fresh to market.
The Giacometti miss signals a sobering shift in the art market, where even blue-chip names can falter without financial safeguards like guarantees. The auction’s 83% sell-through rate and reliance on third-party backing for 24 of 26 guaranteed lots underscore growing caution among sellers and buyers. The event highlights a market increasingly polarized between exceptional, fresh-to-market works and overpriced trophy pieces, with implications for consignment strategies and auction house risk management in a period of economic uncertainty.