Art

When a $70 M Giacometti Bust Fails to Sell

Sotheby’s Modern sale stunned the market as Alberto Giacometti’s $70 M bronze bust went unsold—what does the pass‑in say about 2025 trophy appetite?

Por: Angela Leon Cervera
Alberto Giacometti
Alberto Giacometti ‘Buste (Tête tranchante) (Diego)’. Photo: @sothebys

On 13 May 2025, Sotheby’s Modern Evening Auction opened with high‑octane expectations: Alberto Giacometti’s Grande tête mince (1955)—a rare, hand‑painted bronze bust of the artist’s brother Diego—was billed as “the masterpiece” of the sale.

 

Estimated at about $70 million and consigned from the Sheldon Solow estate, the sculpture carried no guarantee, banking on the Swiss sculptor’s century‑high cachet to spark a bidding war. Instead, after four minutes of incremental offers topping out at $64 million, auctioneer Oliver Barker pronounced the dreaded words: “passed.”

 

The house’s crown jewel failed to meet its undisclosed reserve, sending a hush—and then a wave of speculation—through Rockefeller Center’s packed saleroom.

Photo: courtesy of Fondation Giacometti París

Why Did the Giacometti Bust Fail at Sotheby’s?

  1. No Safety Net  Unlike recent headline lots, Grande tête mince had neither house nor third‑party guarantee. In a climate where sellers seek floor protection, the Solow estate opted for purity—and risk.

  2. Aggressive Reserve  Insiders peg the reserve at or near the $70 M asking price. Bidders stalled at $64 M, unwilling to stretch for a 1950s bronze when recession rumblings, shipping tariffs, and wildfire disruptions loom large.

  3. Market Saturation  New‑York auction week featured a $50 M Monet, a $45 M Rothko, and multiple Basquiats. Even blue‑chip wallets have limits.

Photo: courtesy of Fondation Giacometti París

Context: Giacometti’s Auction Gravity—and Limits

Giacometti has long been the sine qua non for trophy hunters; his auction record sits at $141.3 M (Pointing Man, 2015). Yet recent legal noise—see the Geffen vs. Justin Sun dispute over Le Nez—has added caution. Tuesday’s pass‑in underscores that nine‑figure potential does not equal automatic liquidity.

 

Comparables (Recent Market Benchmarks)

  • 2021 – Le Nez: hammered at $78.4 million with an irrevocable third‑party guarantee.

  • 2015 – Pointing Man: hammered at $126 million ($141.3 million with fees) under a house guarantee.

  • 2025 – Grande tête mince: reached $64 million in bidding but remained unsold—offered with no guarantee.

Collector Takeaways

  • Selective Appetite  With interest rates high, buyers prefer works under $20 M or pieces carrying institutional‑grade provenance plus guarantees.

  • Guarantees Rule  Of 39 lots that night, 24 had house guarantees and sold smoothly. Trophy consignors without one may rethink strategy.

  • Opportunity Window  Should the Solow estate re‑offer with adjusted terms, a museum or private foundation could acquire a masterpiece below 2021 highs.

May 2025 art auctions
Alberto Giacometti ‘Buste (Tête tranchante) (Diego)’. Photo: @sothebys

Grande tête mince passing reflects a 2025 truth: at the ultra‑high end, price discipline trumps brand‑name fever. Collectors will chase masterpieces, but only when reserves align with macro‑uncertainty.

 

For Giacometti, the failed sale is less a fall from grace than a reminder that even bronze icons must respect the new math of risk, guarantees, and timing. Keep your paddle ready; the bust’s next appearance might be the bargain—or coup—of the decade.

Giacometti bust fails at Sotheby’s

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