Giacometti's work a fiasco at auction. Potential buyers may have been put off by the prohibitive price

$70 million, the name Giacometti and a packed house at Sotheby's - and yet no one bought a work. The auction that was supposed to be the crowning achievement of the season ended in a spectacular failure. Has the art market woken up from the illusion of eternal demand for masterpieces?

The recent auction of modern art at Sotheby’s in New York was supposed to be one of the best of this year’s season. The auction house planned to sell works worth a total of over $300 million . However, the reality turned out to be less spectacular – works were eventually sold for $186.4 million. This is a significant drop compared to last year’s $235 million . What’s more, not all the top works found buyers. The biggest stir was caused by the unsold bust Grande tête mince by Alberto Giacometti , which was initially valued at $70 million . This is a key moment for the art market.

The sculpture Grande tête mince - Alberto Giacometti went under the hammer at Sotheby's / Alberto Giacometti, Grande tête mince, 1955, Sotheby's

The 1955 bronze bust of the artist’s brother, Diego Giacometti , was supposed to be the undisputed star of the evening. The sculpture, once featured at the Venice Biennale, was put up for sale without any guarantee of sale. It is now part of the collection of real estate magnate Sheldon Solow, who died in 2020.

The exciting bidding started at $59 million , but despite several attempts to increase the price, it stopped at $64 million . However, that was not enough. Having not reached the reserve threshold - most likely set at the level of the full estimate - the sculpture was withdrawn.

Giacometti has been considered an icon of the auction market for decades – his Pointing Man achieved a record $141.3 million . So what happened this time? According to experts, the culprit was an overly aggressive estimate . In an era of cautious investment decisions, even the most prestigious names do not guarantee success.

"There was no financial engineering involved. The seller believed in the work and was willing to sell it for a certain price," said Charles Stewart, CEO of Sotheby's, as quoted by ArtNet.

The lack of a guarantee was also a surprise to some. In the auction world, guarantees act as an anchor – they provide certainty that the work will find a new owner.

The art world is at a turning point. Collectors are more selective, more cautious, looking not only for a name but also for a rational value. As advisor Yuki Terase noted, today even a prestigious name is not enough – you need guarantees, security and a clear strategy. Although Grande tête mince did not find a new buyer, on May 13, 2025 it became a symbol of a changing reality.