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Indian Express
22-05-2025
- Business
- Indian Express
Giacometti bust goes unsold: How do art auctions work?
Expected to be the highlight of Sotheby's sale in New York, Swiss artist Alberto Giacometti's 1955 bust Grande tête mince (Grande tête de Diego) failed to find a buyer last week. One prominent reason for this failure was likely the bronze head's estimate — a whopping $70 million. In contrast to the 2015 auction record of $141.3 million for Giacometti's 1947 sculpture Pointing Man, the $70 million figure proved too intimidating. The auction market disappointment came mere days after a $30 million Andy Warhol painting was withdrawn from a Christie's sale when the consignor, who had put the work on auction, arguably realised it might not meet its asking price. These setbacks are seen as a sign of a struggling market, one that may require a reassessment of pricing expectations and collector sentiment. What are auction houses? An auction house essentially serves as an intermediary between sellers and buyers, receiving commissions from both. They may task a team to source and screen artworks based on market demand. 'Every auction is curated based on the different arts we want to feature, modern or contemporary,' Manoj Mansukhani, Chief Marketing Officer, AstaGuru Auction House, told The Indian Express. 'We need to create a mix that appeals to both seasoned collectors and new buyers. A few months are also dedicated to prepare the catalogue.' When is an artwork put up for auction? 'Historically, the primary reasons that prompt individuals to consign artworks to auction are the three D's: debt, death, and divorce', according to the Sotheby's Institute of Art. 'However, other factors such as a shift in personal taste or the need to downsize may also influence the decision to sell.' An auction house may be alerted about the existence of a rare or high-value artwork and subsequently collaborate with the owner to facilitate its sale. Christie's, for instance, remained in touch with Oslo University Hospital for over 13 years before it put MF Husain's 1954 canvas Untitled (Gram Yatra) on sale at an auction in New York in March 2025. This evocative homage to rural and pastoral life in India achieved a remarkable $13.7 million (approximately ₹118 crore), setting a new benchmark as the most expensive work of Indian art ever sold at an auction. How is the value of an artwork determined? The value of an artwork is estimated once it is verified and its provenance and authenticity are checked. Before a lot (comprising an item or a collection of items) is put up for auction, it is assigned a low and high estimate, providing a range of the expected value it could achieve. The auction catalogues reflect these estimates alongside the details of the artwork. The lower estimate typically serves as the reserve price, the minimum a seller will accept for the artwork, and below which a sale will not be made. The Husain mural sold at nearly four times its higher estimate of $3.5 million. The signature on the artwork and its provenance traced from the artist's studio onwards play a significant role in its valuation. Where it was exhibited and published are also factors taken into account. Similarly, its past or present ownership may also elevate the value. In 2016, Greek Landscape by the 'Grammarian of Art', Akbar Padamsee fetched Rs 19.9 crore at a Saffronart sale in Delhi, then a record price for the modernist. The piece was owned by Krishen Khanna, Padamsee's fellow artist and close friend, who had purchased it from artist-collector Bal Chhabda (also their close friend) over five decades back for Rs 1,000. After Saffronart sold Amrita Sher-Gil's canvas The Story Teller for Rs 61.8 crore in 2023 – then a record high price for Indian art – Dinesh Vazirani, co-founder of Saffronart told The Indian Express, 'The importance of the work in the oeuvre of the artist also plays a significant role. So, an MF Husain (who was very prolific) from the 1950s and 1960s compared to a later Husain will have a completely different (higher) value, and it will be the same for an SH Raza from the 1980s, a VS Gaitonde from the 1970s and 1980s, and a Tyeb Mehta from the 1990s (the periods during which each of these masters produced their most critically acclaimed works).' It is largely believed that the best works of Indian modernists are perhaps already with serious collectors and therefore rarely come under the auction hammer. When they do, they grab instant attention and escalating bids. In addition, some artists were less prolific than others, leading to even fewer of their works in the market. Sher-Gil, for instance, is known to have produced fewer than 200 paintings, of which a large number are with the National Gallery of Modern Art, and some are with her estate. This leaves approximately only 30-40 of her works with private collectors. How a work has been preserved or if there has been heavy restoration are considerations. Additionally, some media are traditionally more commercially favoured than others. For instance, canvases by the same artist are likely to be priced higher than drawings. A particular artwork might be distinctive in an artist's oeuvre. For instance, in the 1960s, VS Gaitonde had already started moving towards abstraction, inspired by Zen philosophy and spiritual teachings. His 1961 untitled oil with layers of pigment in tones of blue belonged to the same genre, but was cited as one of his last few horizontal canvases. When it came up for auction at a Saffronart sale in 2021, it fetched Rs 39.98 crore — a record for the highest price achieved for a work of Indian art in an auction at the time. Along with the historical sale price of similar works, the current market demand for the artist's work is also used to calculate the auction estimate. If there are no bids for a lot, or if the bidding does not reach the reserve price, the lot is bought in, meaning it remains unsold. Unsold artworks are usually returned to the consignor, who could ask the auction house to offer the artwork for auction again. This may be done after a delay, since the unsold work is considered burned, making it more difficult to find a buyer immediately at a similar price. A different scenario emerges if the artwork has a guarantee, done to ensure that it secures a pre-decided minimum price on its sale. This is practised occasionally for high-value or significant works that come up for auction. A guarantee may be offered by the auction house itself, in what is called a house guarantee. Alternately, it may be provided through an external undertaking, through a collector, gallery, or art dealer known as a third-party guarantee. The Giacometti sculpture, put on sale from the estate of real estate magnate Sheldon H Solow, who died in 2020, came to the auction without a minimum guarantee.
Yahoo
23-04-2025
- Business
- Yahoo
A 1955 Giacometti Sculpture Could Fetch Over $70 Million at Auction
Sotheby's has landed a major prize for its May 13 modern art evening sale in New York: Grande tête mince (Grande tête de Diego), a 1955 bronze bust by Alberto Giacometti, estimated at more than $70 million. The work was hand-painted by the artist as a tribute to his brother Diego, Giacometti's lifelong muse and studio assistant. It is the most high-profile lot announced so far for the spring auctions, exceeding a Piet Mondrian painting, estimated to sell for around $50 million, that will appear at Christie's as part Leonard Riggio collection, which that house clinched back in February. More from Robb Report This London Building Starred in 'Paddington.' Now It Can Be Yours for $6 Million Lewis Hamilton and Jenson Button Both Owned McLarens. Now the Supercars Are Heading to Auction. Hermès Will Make More Handbags to Meet Rising Demand Next month's sales will be a crucial test for the art market. Auction totals have declined for two consecutive years amid global economic uncertainty, and concerns over tariffs and stock market volatility have deepened the mood of caution. Few estates have consigned major works, and according to market watchers, many private sellers are opting to sit out. The 25-inch-tall bust is being offered anonymously, but according to Artnet News, it comes from the estate of real estate magnate Sheldon Solow, who died in 2020. It's being sold through the Soloviev Foundation, the nonprofit established by Solow's son, Stefan Soloviev. The sculpture was exhibited at the 1956 Venice Biennale and remained on view for nearly two decades at the Fondation Maeght in southern France before Solow acquired it from Galerie Maeght in 1980, according to the Sotheby's. Simon Shaw, Sotheby's senior adviser for Impressionist and modern art, described Grande tête mince as one of Giacometti's most formally radical and emotionally charged works. Shaw noted the rarity of this particular cast—the only known version with a richly painted surface—and emphasized its 'profound meditative presence,' according to Artnet News. The bust is one of six casts. Market precedent is strong: another version sold for $53 million at Christie's in 2010, and another brought $50 million at Sotheby's in 2013. (Final prices include fees; presale estimates do not.) The higher estimate this time reflects both the quality of this specific cast and Giacometti's rising market profile Shaw told Artnet News. In 2015, Pointing Man sold for $141.3 million, setting a record for both Giacometti and any sculpture at auction, while Le Nez fetched $78.4 million more recently. (Back in February, that sculpture became the center of a legal battle between collectors Justin Sun and David Geffen.) Grande tête mince (Grande tête de Diego) will be on public view at Sotheby's New York galleries from May 2 through May 13, ahead of its appearance in its modern art evening sale. According to Artnet News, the Soloviev Foundation has pledged two other major works—Amedeo Modigliani's Almaisa (1916) and Mark Rothko's Untitled (Red, Orange, Red), from 1967—as collateral for a loan through Christie's art financing program. Two private dealers familiar with the works told the outlet they would be estimated together at around $100 million. Best of Robb Report The 10 Priciest Neighborhoods in America (And How They Got to Be That Way) In Pictures: Most Expensive Properties Click here to read the full article. Sign in to access your portfolio
