Sotheby’s Modern Evening Sale Stumbles as $70 Million Giacometti Bust Fails to Sell

On May 13, Sotheby’s Modern Evening Auction in New York delivered a surprising upset when Alberto Giacometti’s bronze bust Grande tête mince (Grand tête de Diego) failed to find a buyer despite a presale estimate of $70 million. The work opened at $59 million but saw bidding stall at $64.25 million before the gavel came down “passed,” marking one of the most dramatic moments of the evening and underlining a palpable caution among top-tier collectors .

The bust, consigned by the Soloviev Foundation—established by billionaire Stefan Soloviev in honor of his father Sheldon Solow—was submitted without an auction guarantee. This meant Sotheby’s carried the full risk of an unsold lot, a choice that industry insiders now view as a key factor in the flop. In contrast, 27 other lots that evening benefited from irrevocable bids, ensuring that only three of those went unsold, leaving Sotheby’s with roughly $13 million in exposure.

Accounting for nearly 30 percent of the sale’s $240 million–$319 million presale estimate, the Giacometti bust alone represented a huge stake. Yet the overall sale realized $186.4 million—down significantly from last year’s $235 million result—and recorded a sell-through rate of just 83 percent among 60 offered works, with ten lots passing and five withdrawn outright.

“This isn’t the market to take enhanced-hammer deals,” observed Yuki Terase, co-founder of Hong Kong–based Art Intelligence Global. “To some extent a guarantee gives you a sense of confidence. Is this the right estimate? Everyone is unsure where we stand in the world. People are just cautious and super selective.”
Read Terase’s full comments on Artnet

While top-end interest cooled, mid-tier lots showed resilience: works such as René Magritte’s La Traversée difficile(1963) fetched $10.04 million, and Cézanne paintings met or exceeded estimates. A standout was a Frank Lloyd Wright Double-Pedestal Lamp, which set a new designer record at $7.49 million—underscoring that buyers remain active at lower price bands

Market observers point to broader economic headwinds as a cause for the caution. Rising interest rates, geopolitical uncertainty, and fading stimulus liquidity have tightened the wallet strings even of the ultra-wealthy. As Paul Gray of Chicago’s Richard Gray gallery noted, “There’s so little confidence among collectors. If you look closely, there’s seldom more than one bidder at the very high level” WSJ.

The failure of such a marquee lot carries reputational risks: industry veterans warn that “failing” works can become “burned,” stigmatizing them and potentially depressing their future market value. Sotheby’s itself acknowledged the moment as “organic” rather than “financially engineered,” according to CEO Charles Stewart—but such reassurance may ring hollow to consignors weighing the merits of guarantees versus selling outright WSJ.

Looking ahead, Sotheby’s and rival houses will watch these dynamics closely. Christie’s notably withdrew a $30 million Warhol piece just a night earlier, illustrating a shift toward defensive auction strategies. Buyers, for their part, may demand more guarantees or enhance-hammer arrangements before engaging at the very top of the market. For Sotheby’s, the challenge will be balancing risk and reward in an era when even art’s most storied names aren’t immune to economic pressures.