Giacometti, Picasso works unsold at auction

6th May 2009, Comments 0 comments

No sale for a Picasso painting and Giacometti sculpture at Sotheby's New York auction Tuesday.

NEW YORK -- Two masterworks of art important to a major auction at Sotheby's – a Picasso painting and a Giacometti sculpture -- were unsold late Tuesday, as the spring auction season started weakly.

Pablo Picasso's 1938 portrait of his daughter Maya, "The Daughter of the Artist at Two-and-a-half Years with a Boat," was expected to earn between USD 16 and 24 million (CHF 18 and 27 million, EUR 12 and 18 million) but failed to reach the minimum bid of USD 12.5 million said Tobias Meyer, vice president of the auction house.

Alberto Giacometti’s sculpture "The Cat," finished in 1951 and considered one of the Swiss-born sculptor's finest works, failed to earn slightly more than USD 14 million sought by the seller.

Like the Picasso painting, "The Cat" was expected to earn between USD 16 and 24 million.

The global financial crisis hurt the art auction world, with fewer works put up for sale compared to 2008, and with prices in general expected to be lower.

Another Picasso work, the 1971 painting "A Woman with a Hat" goes on sale Wednesday at rival auction house Christie's.

The painting, which comes from artist Julian Schnabel's collection, is estimated to be worth between USD 6 to 8 million dollars.

AFP / Expatica

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