Surrealist Giacometti Figurine Flies to €10.6 Million at Sotheby's Paris Auction Bidding Battle
Why It Matters
The sale confirms that high‑end modernist art remains a resilient investment, reinforcing Giacometti’s position as a blue‑chip name in the global auction market.
Key Takeaways
- •Giacometti figurine fetched €10.6 million at auction, setting new record
- •Intense bidding war drove price far above reserve estimate
- •Sale highlights strong demand for post‑war European sculpture
- •Sotheby’s Paris auction attracted global collectors and institutional buyers
- •Provenance linked to Giacometti’s Surrealist period boosted valuation
Summary
Sotheby’s Paris auction on Thursday concluded with a surrealist Alberto Giacometti bronze figurine selling for €10.6 million, eclipsing expectations and setting a new benchmark for the artist’s work at auction.
The piece, a rare example from Giacometti’s early Surrealist period, attracted a fierce bidding battle that pushed the hammer price well beyond the €7 million reserve. Bidders from Europe, Asia and the United States competed in the room and online, with the final bid surpassing the pre‑sale estimate by more than 50 percent.
Auctioneer Olivier Faure repeatedly called for higher offers, noting, “We are witnessing a historic moment for Giacometti.” The winning bidder, an undisclosed collector, secured the work after a series of incremental raises that peaked at €10.6 million, a figure comparable to recent high‑profile sales of the artist’s sculptures.
The result underscores robust appetite for post‑war European modernist sculpture and suggests that top‑tier collectors remain willing to allocate capital to marquee works despite broader market volatility. Analysts expect Giacometti’s market to stay strong, potentially driving further record‑setting prices in upcoming European sales.
Comments
Want to join the conversation?
Loading comments...