This episode explores the unexpected failure of a highly anticipated Giacometti sculpture, "Large Thin Head," to sell at Sotheby's auction, and what this says about the current state of the art market. Against the backdrop of auction week, where art sales serve as a public moment to reassess price levels, the Giacometti bust, estimated at $70 million, was expected to be the week's hottest piece. The bust went up for auction without a guarantor, a rare occurrence for works at this price level, making it a true test of the market. However, no one bid on the piece, leading to a collective gasp in the auction room, a moment that the speaker, Kelly Crow, found startling, as it reminded her of the 2008 market crash. As the discussion pivoted to the art market as an economic indicator, the failure of the bust to sell suggests that wealthy collectors might be wary due to current political and economic turmoil. Despite this setback, beautiful things sold well, indicating a shift towards art as an escape and respite from the toughness of real life, and emerging industry patterns reflected a desire for consolation over confrontation in art.
