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New York Times
14-05-2025
- Business
- New York Times
Anatomy of a $70 Million Auction Flop
There were gasps, and a pall came over the entire salesroom. What was meant to be the most expensive lot of New York's bellwether spring auctions suddenly looked like a costly mistake. Alberto Giacometti's 1955 bust, 'Grand tête mince (Grand tête de Diego),' carried a pre-sale estimate of over $70 million into Sotheby's Modern evening auction on Tuesday. The artwork was being offered by the Soloviev Foundation, a nonprofit established by the real estate magnate Sheldon H. Solow, who died in 2020. Despite an unsettled economy, the artwork came to the market without a minimum price guarantee from the auction house, which would have ensured the seller received a predetermined price, regardless of the outcome. Solow, auction experts said, had a history of not seeking guarantees, choosing to negotiate for a portion of the buyer's fees instead. Last night that strategy proved fateful. Oliver Barker, the evening's auctioneer, began the bidding for the bust at $59 million. But his bids stalled at $64.25 million. Three minutes passed as he hunched low over the rostrum, hunting for bidders, Nosferatu-like, until announcing that the lot was a pass. Several experts agreed that the artwork's aggressive estimate was the original sin. The artwork's failure to sell was a body blow to Sotheby's Modern sale. The textured Giacometti made up almost 30 percent of the auction's presale low estimate of $240.3 million. The sale as a whole generated only $152 million after fees were stripped out. Giacometti made six casts of 'Grand tête mince' ('Big Thin Head'), modeled after his brother Diego, during his lifetime. Two of those casts were auctioned in the early 2010s, with the most recent selling at Sotheby's in 2013 for just over $50 million, with fees. The seller was looking to achieve $70 million or more for its cast, which is the only painted version. 'No one who is an informed buyer who is serious in this market — billionaire or not — is going to pay what essentially amounts to a 50 percent premium on something that sold in recent memory,' said Todd Levin, an adviser in New York. Between consigning an artwork and auctioning it, auction house specialists rigorously gauge the market to determine whether the estimate still aligns with market demand. If not, the estimate or the reserve price can be lowered to increase the likelihood of a sale. The lot could also be withdrawn to prevent a public failure. Yet lowering the reserve and withdrawing a lot both typically require the consignor's approval. If he or she stands firm, the sale will go ahead. Second-guessing also surrounds the seller's unwillingness to accept a guarantee from Sotheby's. Sources close to the auction say that Solow's family had preferred to offer the work unprotected by a guarantee, to maximize the foundation's profit. Sotheby's supported the request for a traditional auction. 'There is an argument to be made that while guarantees typically undermine competitive bidding on a lot, in the case of the Giacometti one might have provided collectors with assurance and permission to pursue the sculpture,' said Alex Glauber, the president of the Association of Professional Art Advisors. The fear within the auction world is that the bust's flop could now taint casual perceptions of the overall health of the art market, when it was Sotheby's, and the seller, who agreed to expose an object of economic importance to the risks of an unpredictable market. 'A piece like this, at this level, really is a singular entity,' Levin said. 'Trying to pull any opinion about the broad art market from this specificity would be an error.' The Giacometti was the second high-profile lot to disappoint in two days. Andy Warhol's 'Big Electric Chair' (1967-68) was withdrawn from Christie's 20th century evening auction on Monday. The work had been estimated to sell for about $30 million. 'Between Christie's pulling the Warhol 'Electric Chair' and the Giacometti failing to sell at Sotheby's, it's clear that the air is incredibly thin at the upper pricing band of the market, even for masterworks by tried and true names,' Glauber added. Julian Dawes, vice chairman of Sotheby's and head of Impressionist and Modern art, explained the decision to go forward without withdrawing the work: 'We had serious interest from major collectors.' He added, 'We had people poised to bid on this work, and that is why we felt a responsibility to ourselves and to the seller to keep it in the auction and to give it that chance.' An item that fails to sell at an auction is said to have been 'burned' and may have difficulty finding a buyer anytime soon at a similar price.
Time Out
12-05-2025
- Entertainment
- Time Out
A first look at the immersive 6-acre art installation in Manhattan that explores liberty and equality
What does it mean to be American? That's the question a new immersive art exhibition in Manhattan seeks to answer. Called " Path of Liberty: That Which Unites US," this installation takes over 6 acres in Midtown East with massive screens sharing the voices of 50 Americans from across the nation. You'll hear their thoughts on democracy, liberty, freedom and unity. Path of Liberty is free to visit starting on May 15 with reservations available here. The exhibition opens as America approaches the 250th anniversary of its founding, which will be celebrated in 2026. The exhibition, hosted by the Soloviev Foundation, reflects a diversity of voices, each with their own backgrounds, beliefs and experiences. Even so, organizers said, one central theme emerged in interviews across the country: Being American is not defined by birthplace, religion or heritage, but by a shared commitment to freedom, equality and the pursuit of a better future. "Though the journey has not always been easy, history shows that each generation pushes us closer to realizing the promise of America," a press release from the Soloviev Foundation said. "This exhibition is a celebration—of who we are, how far we've come and the boundless potential of what we can achieve together." 'Each generation pushes us closer to realizing the promise of America.' At Path of Liberty, you'll be able to walk through winding paths dotted with large screens, each one showcasing photos or videos from the interviews. Explore remarkable personal stories of WWII heroes and learn about today's changemakers in larger-than-life visuals. Expect to leave with a deeper understanding of the country's past, present and future. View this post on Instagram A post shared by Time Out New York (@timeoutnewyork) The exhibit was designed by creative studio C&G Partners and directed by filmmaker Daniella Vale. The installation also features a short film by Donna Lawrence Productions that helps ground the exhibit in a deeper historical context. This is the second art installation from the Soloviev Foundation on this site. Last spring, their Field of Light exhibition brought 18,750 glowing orbs to Midtown East. Find "Path of Liberty: That Which Unites US" on Manhattan's East Side from 38th to 41st Street along First Avenue. It's open free of charge every Thursday through Saturday from 8-11pm; make a reservation here. Walk-ups are welcome, and the installation is also illuminated Sunday through Wednesday for public viewing from the perimeter.
Yahoo
01-05-2025
- Entertainment
- Yahoo
Path of Liberty: That Which Unites Us to Debut in New York City on May 15, 2025
Complimentary Tickets Now Available for New Public Art Installation Presented by The Soloviev Foundation NEW YORK CITY, NY / / May 1, 2025 / Path of Liberty: That Which Unites US, a large-scale public art installation from The Soloviev Foundation, opens to the public on May 15, 2025 at Freedom Plaza on Manhattan's East Side. This immersive outdoor experience explores 250 years of American ideals through striking visuals and compelling personal stories. Spanning six acres between 38th and 41st Streets on First Avenue, the exhibit invites audiences to reflect on liberty, equality, and unity through the lives of everyday Americans. The experience was designed by creative studio C&G Partners and directed by filmmaker Daniella Vale. "This project brings together history, art, and humanity in a powerful way," said Stefan Soloviev, Principal of The Soloviev Foundation. "It's about connection-to our values and to each other." Guests can explore the installation Thursday through Saturday evenings from 8:00 PM to 11:00 PM, free of charge. Reservations are available at with walk-ups welcome. The installation remains illuminated Sunday to Wednesday for perimeter viewing. The installation features 41 screens showcasing large-format portraits, audio stories, and a short film produced in collaboration with the Museum of the American Revolution and Donna Lawrence Productions. It highlights a cross-section of American life-from farmers and firefighters to educators, veterans, and activists. "Path of Liberty is more than a visual experience. It's a call to reflect on the values that define us," said Michael Hershman, CEO of Soloviev Group. Path of Liberty continues the Soloviev Foundation's commitment to fostering community, empathy, and civic dialogue through the arts. ABOUT PATH OF LIBERTY: THAT WHICH UNITES US This six-acre outdoor installation at Manhattan's Freedom Plaza combines large-scale portraits, immersive landscapes, and interactive media to explore the founding principles of the United States. Made possible by The Soloviev Foundation, it offers a deeper understanding of the country's past, present, and future. Visit or follow @pathoflibertynyc on Instagram and Facebook for more information. ABOUT THE SOLOVIEV FOUNDATION The Soloviev Foundation is the charitable giving arm of the Soloviev Group, supporting humanitarian, environmental, and educational causes. For more information, visit Contact: Lori Levin llevin@ 212-805-3013 SOURCE: DuJour Media View the original press release on ACCESS Newswire
