compiled by Brioni Connolly

A sculpture by the Swiss artist Alberto Giacometti has become the most expensive work of art ever sold by auction, following a recession-thwarting sale that occurred on Wednesday night at Sotheby's London. The statue, Walking man I, long considered Giacometti's most iconic piece, was purchased by a mystery phone-bidder for £65m, or as the exchange rate stands, $104, 327, 006 - five times more than its estimate. The record was previously held by Picasso for the sale of his 1903 painting Boy with a pipe (The young apprentice) for $104.1m at Sotheby's New York in 2004.

View of auction room; image held here

Perhaps the most interesting factor in this sale is that the works were only made available by the recessionary collapse of Dresdner Bank. The new owners, Commerzbank, had decided to sell the bank's collection with the promise to give the money to charitable organisations. Irony aside, this meant the auction was somewhat of a once-in-a-lifetime opportunity to purchase works the likes of which are rarely seen outside of museums and private collections, Walking Man I being a prime example. The statue itself is not unique but rather was cast in an edition of six and four artist's proofs (this particular version is cited as 2/6), the rest of which are in museums or private collections where they are more than likely to stay. A senior director at Sotheby's, Philip Hook, even commented that he had been told by a bidder that he had waited forty years for a piece like this to appear on the market. Strangely, however, in the very same auction a unique Giacometti painted plaster piece entitled Petit buste sur colonne with an estimated value of £1.8million to £2.5million fell from the hammer, unwanted, at £1.5million.

Apart from the Giacometti sale a Gustav Klimt landscape, Church in Cassone - Landscape with cypresses fetched $43.2m from a phone bidder, the highest price ever paid for a Klimt landscape.

Sources: http://www.nytimes.com/2010/02/04/arts/design/04giacometti.html?ref=arts; http://www.nytimes.com/2010/02/05/arts/05iht-melik5.html?ref=arts; http://www.guardian.co.uk/artanddesign/2010/feb/03/giacometti-statue-breaks-auction-record

Comment 1 on 2010-02-23 10:14:41 by Kenny
Roman Abramovich no doubt.

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