{"id":25,"date":"2025-05-15T22:10:16","date_gmt":"2025-05-15T22:10:16","guid":{"rendered":"https:\/\/velvetcase.com\/?p=25"},"modified":"2025-05-15T22:18:25","modified_gmt":"2025-05-15T22:18:25","slug":"sothebys-modern-evening-sale-stumbles-as-70-million-giacometti-bust-fails-to-sell","status":"publish","type":"post","link":"https:\/\/velvetcase.com\/index.php\/2025\/05\/15\/sothebys-modern-evening-sale-stumbles-as-70-million-giacometti-bust-fails-to-sell\/","title":{"rendered":"Sotheby\u2019s Modern Evening Sale Stumbles as $70 Million Giacometti Bust Fails to Sell"},"content":{"rendered":"\n

<\/p>\n\n\n\n

On May 13, Sotheby\u2019s Modern Evening Auction in New York delivered a surprising upset when Alberto Giacometti\u2019s bronze bust\u00a0Grande t\u00eate mince (Grand t\u00eate de Diego)<\/em>\u00a0failed 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 \u201cpassed,\u201d marking one of the most dramatic moments of the evening and underlining a palpable caution among top-tier collectors\u00a0.<\/p>\n\n\n\n

The bust, consigned by the Soloviev Foundation\u2014established by billionaire Stefan Soloviev in honor of his father Sheldon Solow\u2014was submitted without an auction guarantee. This meant Sotheby\u2019s 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\u2019s with roughly $13 million in exposure.<\/p>\n\n\n\n

Accounting for nearly 30 percent of the sale\u2019s $240 million\u2013$319 million presale estimate, the Giacometti bust alone represented a huge stake. Yet the overall sale realized $186.4 million\u2014down significantly from last year\u2019s $235 million result\u2014and recorded a sell-through rate of just 83 percent among 60 offered works, with ten lots passing and five withdrawn outright.<\/p>\n\n\n\n

\u201cThis isn\u2019t the market to take enhanced-hammer deals,\u201d observed Yuki Terase, co-founder of Hong Kong\u2013based Art Intelligence Global. \u201cTo 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.\u201d
Read Terase\u2019s full comments on Artnet<\/a><\/p>\n\n\n\n

While top-end interest cooled, mid-tier lots showed resilience: works such as Ren\u00e9 Magritte\u2019s\u00a0La Travers\u00e9e difficile<\/em>(1963) fetched $10.04 million, and C\u00e9zanne 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\u2014underscoring that buyers remain active at lower price bands<\/p>\n\n\n\n

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\u2019s Richard Gray gallery noted, \u201cThere\u2019s so little confidence among collectors. If you look closely, there\u2019s seldom more than one bidder at the very high level\u201d WSJ<\/a>.<\/p>\n\n\n\n

The failure of such a marquee lot carries reputational risks: industry veterans warn that \u201cfailing\u201d works can become \u201cburned,\u201d stigmatizing them and potentially depressing their future market value. Sotheby\u2019s itself acknowledged the moment as \u201corganic\u201d rather than \u201cfinancially engineered,\u201d according to CEO Charles Stewart\u2014but such reassurance may ring hollow to consignors weighing the merits of guarantees versus selling outright WSJ<\/a>.<\/p>\n\n\n\n

Looking ahead, Sotheby\u2019s and rival houses will watch these dynamics closely. Christie\u2019s 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\u2019s, the challenge will be balancing risk and reward in an era when even art\u2019s most storied names aren\u2019t immune to economic pressures.<\/p>\n","protected":false},"excerpt":{"rendered":"

On May 13, Sotheby\u2019s Modern Evening Auction in New York delivered a surprising upset when Alberto Giacometti\u2019s bronze bust\u00a0Grande t\u00eate mince (Grand t\u00eate de Diego)\u00a0failed 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 \u201cpassed,\u201d<\/p>\n

Read More<\/span><\/a><\/div>\n","protected":false},"author":1,"featured_media":30,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nSotheby\u2019s Modern Evening Sale Stumbles as $70 Million Giacometti Bust Fails to Sell - Velvet Case<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/velvetcase.com\/index.php\/2025\/05\/15\/sothebys-modern-evening-sale-stumbles-as-70-million-giacometti-bust-fails-to-sell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sotheby\u2019s Modern Evening Sale Stumbles as $70 Million Giacometti Bust Fails to Sell - Velvet Case\" \/>\n<meta property=\"og:description\" content=\"On May 13, Sotheby\u2019s Modern Evening Auction in New York delivered a surprising upset when Alberto Giacometti\u2019s bronze bust\u00a0Grande t\u00eate mince (Grand t\u00eate de Diego)\u00a0failed to find a buyer despite a presale estimate of $70 million. 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