Why did a $70 million Giacometti fail to find a buyer?
When a masterpiece by Alberto Giacometti fails to sell at a major auction, it raises urgent questions about the stability of the fine art market. This video examines recent high-profile failures at Sotheby’s and Christie’s to investigate if a broader collapse is underway.
The spring auction season recently saw significant disappointments for blue-chip works. At a Sotheby’s Modern evening auction, Alberto Giacometti’s 1955 bronze bust, 'Grande tête mince' ('Big Thin Head'), failed to sell despite a pre-sale estimate of $70 million. The auctioneer initiated bidding at $59 million, but the lot remained unsold.
This was not an isolated incident. The day prior, Andy Warhol’s 1967-68 work, 'Big Electric Chair,' was withdrawn from Christie’s 20th century evening auction. These consecutive high-profile failures prompt a deeper look into whether the fine art market is facing genuine trouble.
Source: Art Market Collapse?
