Sotheby's recent auction made headlines when a highly anticipated Giacometti bronze bust, estimated at $70 million, failed to attract sufficient bids, ultimately being unsold. Starting offers at $59 million did not exceed $64.25 million. This failure was viewed as a significant moment for the auction house, as this artwork alone made up a large portion of the eveningâs total estimated sales. Experts debated whether market guarantees could have mitigated this outcome, but the reluctance to pay inflated prices affected bidders' willingness to engage.
Sotheby's high-stakes auction turned into a jaw-dropping spectacle Tuesday night when a $70 million Alberto Giacometti bronze bust failed to sell, leaving bidders and art insiders gobsmacked.
Despite starting the bidding at $59 million, Sotheby's auctioneer Oliver Barker couldn't push the offers beyond $64.25 million, ultimately announcing the bust as a, well, bust.
There is an argument to be made that while guarantees typically undermine competitive bidding on a lot, in the case of the Giacometti one might have provided collectors with assurance and permission to pursue the sculpture.
No one who is an informed buyer who is serious in this market - billionaire or not - is going to pay what essentially amounts to a 50 percent premium on something that sold in recent memory.
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