When an important Giacometti bust titled “Grande tête mince (Grande tête de Diego)” failed to sell at Sotheby’s for its $70 million estimate last month, a cloud fell over the auction world as experts began to wonder what this means for the overall state of the 2025 art market.
About the Giacometti Bust
Alberto Giacometti (1901-1966) was a modern Swiss artist who blended influences from the surrealist and cubist movements of the early 20th century. He worked in two and three dimensions, with sculptures, paintings, and prints all part of his work. Giacometti primarily resided in Paris and was also a writer, generating groundbreaking texts reflective of his artistic output. He won the sculpture grand prize at the 1962 Venice Biennale, and after his 1966 death, his widow, Annette, oversaw his estate until her passing. In 1993, the French government set up the Fondation Alberto et Annette Giacometti in Paris, which now holds the bulk of Giacometti’s work, including 260 bronze sculptures and 95 paintings.
A Gamble at $70 Million
Of course, many of Giacometti’s works are held in private collections, which is how works like his “Grande tête mince (Grande tête de Diego)” ended up on the auction block last month. The owner of this 1955 bust, the nonprofit Soloviev Foundation established by real estate tycoon Sheldon H. Solow, was aware that similar busts had sold recently for high numbers. Giacometti made a total of 6 casts of this particular bust, with one sold at Sotheby’s for over $50 million in 2013. Given this high sale price over ten years ago, all involved parties were confident of a $70 million sale this time around.
Furthermore, a quick search of past auction results in a place like WorthPoint’s Price Guide shows the enduring value of Giacometti’s work. Functional output (produced in association with his brother Diego) like furniture regularly fetches figures around $1 million, such as this sculptural table titled “La Promenade des Amis,” which sold for $900,000. However, while functional Giacometti work like this table and others, such as lamps and mirrors, frequently show up at auction, freestanding fine art sculptures by Alberto alone are more scarce, which brings us to the May 2025 Sotheby’s auction.
Sweaty Brows on the Auction Floor
Alas, $70 million was not to be. On the night of the May 2025 auction, Sotheby’s auctioneer Oliver Barker started bidding at $59 million, again, with the confidence that the final hammer price would go much higher. Once the price reached $64.25 million, however, the action paused, and despite Barker’s increasingly sweaty brow, no more bidders came out of the woodwork to garner the desired $70 million. After a tense three minutes, an appalled Barker announced that the lot was a “pass” and the bust was left unsold.
While shocking, results like this are not uncommon in the auction world. Auctions are inherently gambles, so to speak, as while auction house staff can do their best to assess current market value and predict hammer prices, anything can happen. For instance, the death of a renowned or notorious person can affect auction results. Savvy resellers, from high-end auction houses to flea market flippers, know to stay on top of celebrity obituaries when sourcing inventory. Just look at the prices for Beach Boys goods signed by Brian Wilson, the week after his death on June 11, 2025, such as this excellent condition Endless Summer album.
Repercussions & Ripple Effect?
What did this mean for Sotheby’s, the 2025 art market, and the value of Giacomettis in general? The May sale of Giacometti’s bust was to have provided almost 30% of the auction’s presale estimate of just over $240 million. Thanks to the “bust” of the bust sale and some other low achievers that evening, the final take for the full auction was just $152 million. This amount is a blow to the auction house, which spent months preparing for this critical spring 2025 sale, and to the nervous art market in general.
Not even billionaires and one-percenters will shell out millions of dollars for artwork that won’t hold its value over time and be a reliable investment. Regarding the value of Giacometti’s artwork, I wouldn’t be too worried about it. Like his early modern peers such as Miró, Braque, and Picasso, Giacometti’s legacy is cemented in the annals of art history and will surely survive any art market ripples and waves.
How to Value an Object: WorthPoint!
What I find fascinating about the Giacometti debacle is how it proves one of my adages as a reseller: “The value of an object is simply dictated by what a buyer will pay for it.” I work with clients all the time who claim something they own is worth some preposterous amount, only to show them that the actual sale price these items realize in the current market is much lower. Thank goodness for WorthPoint and its invaluable Price Guide!
Amy Moyer is the proprietor of Antmuffin: Art, Antiques & Collectibles. She holds a B.A. in Visual Arts from Brown University and lives in Boston.
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