Sotheby's auction in New York City witnessed a shocking moment as Alberto Giacometti's 1955 bronze bust, Grand tête mince, failed to sell. The sculpture, estimated at $70 million, was the centerpiece of the auction but received no bids beyond $64.25 million.
Auctioneer Oliver Barker's attempts to stimulate interest, including chandelier bidding, proved unsuccessful. The silence in the room was palpable, with reports of gasps and a 'pall' over the salesroom, according to The New York Times.
The sculpture's failure to sell is a significant blow to Sotheby's, as it represented nearly 30% of the event's presale low estimate. Experts suggest the ambitious price increase since its last sale in 2013, when it fetched $53.3 million, deterred potential buyers.
The Soloviev Foundation, the seller, offered the piece without a minimum price guarantee, a decision that may have further discouraged bidders. While some fear this could impact investor confidence in the art market, others argue the sculpture's failure is an isolated incident.
Grand tête mince, depicting Giacometti's brother Diego, is one of six casts, but the only painted version. Sotheby's has seemingly removed footage of the piece from their auction video.