You’d think a high-stakes New York art auction featuring a world-famous sculptor’s work would end in a bidding war, right? But at Sotheby’s this week, things took a dramatic—and surprisingly awkward—turn when one of the most hyped pieces of the night completely flopped.

A Crowd of Billionaires, But No Bids

The room was packed with elite collectors and billionaires on Tuesday, all hoping to snap up works by legends like Picasso, Monet, or Matisse.

But the spotlight was on a single star: Alberto Giacometti’s 1955 bronze sculpture, Grand tête mince—which translates to “Big Thin Head.”

With a hefty price guide of $70 million, it was supposed to be the crown jewel of the evening.

The Bidding Starts… and Then, Silence

Auctioneer Oliver Barker opened bidding at $59 million, and then—nothing.

The room fell into an eerie silence.

Phones came out, whispers spread, but no one raised a paddle.

As Barker nervously scanned the room for interest, The New York Times later described his tense body language as almost “Nosferatu-like.”

The Chandelier Bid Gamble

Trying to spark energy, Barker turned to chandelier bidding—an old auctioneer’s trick where they fake bids to generate buzz.

But even that didn’t work.

The bidding stalled at $64.25 million, which still fell short—about 9% under the expected price.

Eventually, Barker had no choice but to pull the statue from sale, visibly defeated.

Gasps and Fallout

The moment was so shocking that it sent audible gasps through the room.

According to both The Art Newspaper and The New York Times, it was like watching a legend fall from grace in real time.

The Times even said “a pall came over the entire salesroom.”

Ouch.

It wasn’t just about prestige either—the failed sale hit Sotheby’s bottom line.

The sculpture made up nearly 30% of the event’s expected low total of $240.3 million.

Once a Record-Breaker, Now a Flop

It’s a hard fall for a piece that once broke records.

In 2010, a version of Grand tête mince sold for a staggering $53.3 million at Christie’s.

In fact, this exact version is the only painted one, portraying Giacometti’s brother Diego in an abstract, blade-like profile.

Why Didn’t It Sell?

Experts say the asking price may have been just too ambitious.

Art advisor Todd Levin told the Times that expecting a 50% markup from its 2013 sale price (around $50 million) was unrealistic.

“No serious buyer—billionaire or not—is going to pay that,” he explained.

Another factor? The seller, the Soloviev Foundation, opted not to secure a minimum price guarantee from Sotheby’s.

That move may have scared off potential bidders, according to Alex Glauber, president of the Association of Professional Art Advisors.

A guarantee might’ve given buyers more confidence to make a move.

Damage Control?

Sotheby’s may already be trying to bury the blunder.

Footage of the piece reportedly vanished from their YouTube auction video.

DailyMail.com reached out to Sotheby’s for comment on whether that edit was intentional.

What It Means for the Art Market

Could this bust signal bigger problems for the high-end art market? Maybe—but not necessarily. Levin thinks this was a one-off case.

“Trying to draw conclusions about the whole market from this would be a mistake,” he told the Times.

So What’s Next?

Even though Grand tête mince didn’t find a home this time, it remains a major work of modern sculpture.

Whether it reappears at a future auction (possibly with a more reasonable price tag) remains to be seen.

One thing’s for sure—in the world of multimillion-dollar art, silence can be deafening.