Free Republic

Sotheby's famed auction room was filled with gasps followed by shocked silence after an iconic statue priced far too ambitiously failed to sell at auction. Billionaires descended on the New York City event on Tuesday in the hope of snagging a masterpiece created by the likes of Picasso, Monet or Matisse. But it was Alberto Giacometti's 1955 bronze bust, called Grand tête mince, that was billed as the auction's centerpiece by experts who gave it a $70 million guide price.

New York City's spring art auctions get underway Tuesday with exceptional pieces by Pablo Picasso, Alberto Giacometti, Vincent Van Gogh and others whose work continues to fuel a robust market for impressionist, modern and contemporary art. Picasso's "Women of Algiers (Version O)," estimated to bring over $140 million, is poised to become the most expensive artwork sold at auction, while Giacometti's "Pointing Man" could set an auction record for a sculpture if bidding soars to an expected $130 million.