NEW YORK — A Pablo Picasso painting of his young daughter and an Alberto Giacometti sculpture of a cat, each estimated to sell for $16 million to $24 million, failed to find buyers at auction Tuesday as the art world struggles with the global financial crisis.
The Sotheby’s auction house said bids for the two artworks fell below their reserve prices.
Picasso’s "The Daughter of the Artist at 2
with a Boat” was painted in 1938 and remained in his possession until his death. A private collector has owned it since the 1980s.
Giacometti’s "The Cat” last was seen at auction in 1975. The 1951 bronze sculpture, depicting a feline figure on a pedestal, is one of eight editions. It was consigned by a European collector.
The uncertain economy has played a part in art auction houses’ decision to offer fewer lots, lower pre-sale estimates and works by well-known artists and private estates that haven’t been seen at auction in decades. In the fall, many works didn’t sell or sold below estimates during Sotheby’s and Christie’s auctions.
Sotheby’s said that of the 36 works of art on auction Tuesday, 29 were sold, for a total of $61.3 million, well off their $118.8 million estimate. Last spring, Sotheby’s offered 52 lots, which sold for $235.4 million. Heaviest bidding Tuesday was for a Piet Mondrian work, "Composition in Black and White, with Double Lines,” which sold for nearly $9.3 million.
FROM WIRE REPORTS
The Sotheby’s auction house said bids for the two artworks fell below their reserve prices.
Picasso’s "The Daughter of the Artist at 2
with a Boat” was painted in 1938 and remained in his possession until his death. A private collector has owned it since the 1980s.
Giacometti’s "The Cat” last was seen at auction in 1975. The 1951 bronze sculpture, depicting a feline figure on a pedestal, is one of eight editions. It was consigned by a European collector.
The uncertain economy has played a part in art auction houses’ decision to offer fewer lots, lower pre-sale estimates and works by well-known artists and private estates that haven’t been seen at auction in decades. In the fall, many works didn’t sell or sold below estimates during Sotheby’s and Christie’s auctions.
Sotheby’s said that of the 36 works of art on auction Tuesday, 29 were sold, for a total of $61.3 million, well off their $118.8 million estimate. Last spring, Sotheby’s offered 52 lots, which sold for $235.4 million. Heaviest bidding Tuesday was for a Piet Mondrian work, "Composition in Black and White, with Double Lines,” which sold for nearly $9.3 million.
FROM WIRE REPORTS
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