Giacometti Fetches Record $33 Million in Listless Auction – as I have been saying … far too much product coming to the market and the results are going to suffer. While the Giacometti made a record price, it was not a result of the auction. This painting attracted no bids during the sale and sold to the guarantor at $32.6M (he is probably not happy about that).
Of the 46 lots offered, 11 did not sell (24%) and the total take was $144.3m (this number includes the buyer’s premium) … way short of the low end of their presale estimate — $188M (does not include the buyer’s premium).
Today is their day sale with hundreds of works being offered and tonight is the competition’s evening sale … will report those results later.
Alberto Giacometti
“Diego en chemise ecossaise”
Sells to guarantor for $32.6M