Inside the $70 Million Auction Failure of a Giacometti Bronze

A stunned silence filled the auction room as the star lot failed to attract a winning bid.

What had been expected to be the highlight of New York’s spring auctions instead turned into a notable disappointment.

The 1955 bronze bust by Alberto Giacometti, titled “Grande tête mince (Grande tête de Diego),” entered Sotheby’s Modern evening sale with a presale estimate surpassing $70 million. The piece was offered by the Soloviev Foundation, established by real estate tycoon Sheldon H. Solow, who passed away in 2020.

Despite challenging economic conditions, the auction house did not provide a minimum price guarantee, meaning the seller would only receive proceeds if the artwork sold. Experts noted that Solow historically avoided guarantees, preferring to negotiate a share of buyer’s fees—a tactic that ultimately backfired on this occasion.

Auctioneer Oliver Barker opened bidding at $59 million, but enthusiasm quickly waned, with the highest bid reaching only $64.25 million. After a tense three-minute pause searching for further interest, Barker declared the lot passed.

Several analysts attributed the failure to sell to the aggressive pre-auction estimate, which may have deterred potential buyers.

This unsold Giacometti was a significant setback for Sotheby’s Modern sale, representing nearly 30 percent of the auction’s presale low estimate of $240.3 million. Ultimately, the entire sale generated only $152 million after fees.

Giacometti created six casts of “Grande tête mince,” modeled after his brother Diego, during his lifetime. Two were auctioned in the early 2010s, with the most recent fetching just over $50 million in 2013. This particular cast is unique as the only painted version, with the seller aiming for $70 million or more.