A 1955 bronze bust by Alberto Giacometti, estimated at $70 million, failed to sell at Sotheby's modern evening auction in New York on May 13, 2025. The sculpture, from the estate of real estate magnate Sheldon Solow, was offered without a guarantee and bidding reached $64 million before the lot was pulled after four minutes, likely because the reserve price was set above that amount. Auctioneer Oliver Barker presided over the sale, which Sotheby's CEO Charles Stewart described as an organic auction moment despite the lack of a sale.
The failed sale is significant because Giacometti's works are considered among the most blue-chip trophy pieces in the art market, regularly selling for eight figures or more. The artist's auction record stands at $141.3 million for 'Pointing Man' (1947), bought by collector Steven A. Cohen in 2015. The result also comes amid a legal dispute involving another Giacometti work, 'Le Nez', between collectors David Geffen and Justin Sun, highlighting ongoing volatility and high-stakes dynamics in the top tier of the art market.