Global financial crisis affects Picasso, Giacometti

Global financial crisis affects Picasso, Giacometti
AFP
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First Published: Wed, May 06 2009. 05 27 PM IST
Updated: Wed, May 06 2009. 05 27 PM IST
New York: Two masterworks of art anchoring a major auction at Sotheby’s — Picasso painting and a Giacometti sculpture — went unsold, as the spring auction season got off to a muted start.
Pablo Picasso’s 1938 portrait of his daughter Maya, “The Daughter of the Artist at Two-and-a-half Years with a Boat,” had been expected to fetch between $16 and $24 million but failed to reach the minimum bid of $12.5 million said Tobias Meyer, vice president of the auction house yesterday.
Alberto Giacometti sculpture “The Cat,” finished in 1951 and considered one of the Swiss-born sculptor’s finest works, failed to clear the threshold of slightly more than $14 million sought by the seller.
Like the Picasso painting, “The Cat” had been expected to fetch between $16 and $24 million.
The global financial crisis has put a damper on the high-flying art auction world, with fewer works being put up for sale compared to a year ago, and with prices expected to be lower across the board.
Another Picasso work, the 1971 painting “A Woman with a Hat” goes on sale today at rival auction house Christie’s.
The painting, which comes from artist Julian Schnabel’s collection, is estimated to be worth between $6-8 million.
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First Published: Wed, May 06 2009. 05 27 PM IST
More Topics: Picasso | Sotheby's | Giacometti | Auction | Art |