The case

Alberto Giacometti’s bronze bust grand tête mince (Grand tête de Diego) failed to sell at Sotheby’s New York auction on 13 May 2025.

Source: NZZ, 16.05.2025, page 30, Sotheby NY

The commentary

Initially set with a starting bid of USD 59 million and an estimated value of USD 70 million, the sculpture drew no bids, leaving the auctioneer to announce “We have no bids.” This outcome stunned attendees and disrupted the evening’s momentum.

The bust, one of six casts depicting Giacometti’s brother Diego, was consigned by the Soloviev Foundation, established by real estate magnate Sheldon Solow. Notably, the sale lacked an auction guarantee, i.e. a financial safety net often employed to secure a minimum price. Experts suggest that the absence of such a guarantee may have deterred potential bidders.

This event reflects a broader trend of caution in the high-end art market, where even iconic works have been facing increased scrutiny and risk aversion among collectors. While mid-range works continue to perform well, the market for top-tier pieces appears more volatile.

The unsold Giacometti bust now faces the challenge of potential devaluation, as artworks that fail to sell at auctions can become stigmatized, making future sales more difficult. This incident underscores the complexities and uncertainties inherent in the contemporary art market.

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