Posted on 06/04/2025 6:55:45 PM PDT by Tom Tetroxide
Why did the star lot of the spring season, a bronze head by the master sculptor Alberto Giacometti, fail to sell at Sotheby’s?
Alberto Giacometti’s 1955 bust, “Grande tête mince" (“Big Thin Head”), carried a pre-sale estimate of $70 million in Sotheby’s Modern evening auction. The auctioneer started the bidding at $59 million dollars. But no one bid - the piece went unsold. It 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 Andy Warhol’s “Big Electric Chair” (1967-68) was withdrawn from Christie’s 20th century evening auction the day before.
Is the fine art market in trouble?
What about my 2 million dollar genuine Hunter Biden abstract painting? has it lost value?
Anything is worth what someone is willing to pay for it and no more.
Other possible evidence for an economic slowdown and/or recession.
Number Of Zombie Properties Increase In 30 US States
https://www.zerohedge.com/personal-finance/number-zombie-properties-increase-30-us-states
“Too Late!” - Trump Blasts Powell After Weakest ADP Jobs Report In Over 2 Years
https://www.zerohedge.com/personal-finance/small-business-layoffs-may-lead-weakest-adp-jobs-report-over-2-years
South Florida Emerges As Epicenter Of Housing Weakness
https://www.zerohedge.com/markets/south-florida-emerges-epicenter-housing-weaknesse
U.S. Home Sellers Are Sitting on Nearly $700 Billion Worth of Listings, an All-Time High
https://www.redfin.com/news/record-dollar-value-home-listings/
“Five thousand? Why would anybody buy Kramer for $5000?”
https://www.youtube.com/watch?v=YA5QJHbJyc4
Hunter’s art crashed, that’s for sure.
Money laundering just isn’t what it used to be for the art world.
China is in trouble.
Their billionaires are not buying art any longer...
Bingo. Money launderers have switched to commercial property and crypto.
“1955 bust... pre-sale estimate of $70 million”
insane
Big dollar “Art” is a scam and modern art doubly so.
Maybe they should have started the bidding at .99 cents like EBay.
All i’ll say about valuable artwork is that if you’re stranded in a blizzard somewhere then a $1 cigarette lighter is worth more than your Van Gogh
yep, i too thought the bust looked like Cosmo Kramer ...
I guess one could say now is a good time to discover what exactly is “fine” art.
The ‘elite’ run to art when they’re concerned about the economy. Maybe people are waking up to the ugly truth - lots of modern art is crap. Banana taped to a wall anyone?
F**k shi**y paintings and other store of value items. Next up; BTC. You have been warned. LOL.
I wholeheartedly agree with you. The price is nuts, and the sculpture is ugly.
You can still recoup 50¢ on the dollar. But sell it fast! 🍋
it’s in crayon. Does that hurt the value any?
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