The Journal. The Giant Bust Rocking the Art Market
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May 19, 2025 Kelly Crow, an art market reporter for WSJ, dives into a shocking turn of events at New York’s auction week where Alberto Giacometti’s highly anticipated sculpture went unsold. She discusses the implications of this rare auction bust on the evolving art market. Crow unpacks how economic confidence affects art sales and shares insights on surprising trends, like a banana artwork selling for millions. The conversation also reflects on shifting collector preferences and the haunting legacy of Giacometti's work amidst today’s uncertainties.
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The Auction Night Bust
- The expected $70 million Giacometti sculpture failed to sell at auction.
- The room fell silent and none of the 600 attendees bid on it, causing a collective gasp.
Art Market as Economic Indicator
- Art market flops can signal nervousness among wealthy collectors.
- The bust's failure resembles 2008's investor caution during economic turmoil.
Collectors Seek Beauty Over Toughness
- Beautiful and decorative art sold best this auction week.
- Collectors seek comfort and escape in art during tough real-life moments.