Picasso painting sells for $179 mn, Giacometti sculpture fetches $141mn

A vibrant, multi-hued painting from Pablo Picasso set a world record for artwork at auction, selling for $179.4 million and a sculpture by Alberto Giacometti set a record for most expensive sculpture, at $141.3 million.

Picasso’s “Women of Algiers (Version O)” and Giacometti’s life-size “Pointing Man” were among dozens of masterpieces from the 20th century Christie’s offered in a curated sale titled “Looking Forward to the Past.” 

Christie’s global president, Jussi Pylkkanen, who was the auctioneer, said the two pieces are outstanding works of art.

“I’ve never worked with two such beautiful objects,” he said.

The Picasso price, $179,365,000, and the Giacometti price, $141,285,000, included the auction house’s premium. The buyers elected to remain anonymous.

Overall, 34 of 35 lots sold at yesterday’s auction for a total of $706 million.

Experts say the prices were driven by artworks’ investment value and by wealthy collectors seeking out the very best works. “I don’t really see an end to it, unless interest rates drop sharply, which I don’t see happening in the near future,” Manhattan dealer Richard Feigen said.

Impressionist and modern artworks continue to corner the market because “they are beautiful, accessible and a proven value,” added Sarah Lichtman, professor of design history and curatorial studies at The New School.