Alberto Giacometti's L'homme qui marche I (Walking Man I) set a world record for a work of art at...

LONDON, -- Sotheby's, Alberto Giacometti's L'homme qui marche I (Walking Man I) set a world record for a work of art at auction when it sold for £65,001,250 / $104,327,006 /€74,185,983. The sale of that work was swiftly followed by that of Gustav Klimt's Kirche in Cassone, which made £26,921,250 / $43,208,606/ €30,725,246 - a new record price for a landscape by the artist. These two works headlined a sale that realised a record-breaking total of £146,828,350 / $235,659,502 / €167,575,324- making it the highest value sale ever staged in London. Melanie Clore, Co-Chairman, Impressionist & Modern Art, Sotheby's Worldwide, said: "We are thrilled to have sold these great works this evening and that they have been recognised for the masterpieces that they are. The competition which generated these exceptional results demonstrates the continued quest for quality that compels today's collectors." The expectant saleroom fell quiet as bidding opened at £12 million. Some eight minutes later, after a fast and furious bidding battle between at least ten prospective purchasers, this spectacular piece - the only life-time cast of this iconic subject ever to have come to auction - sold to an anonymous telephone bidder, establishing a new record price not only for the artist, and for any piece of sculpture ever sold at auction but also, and more importantly, taking its place in history as a world record for a work of art at auction, and eclipsing Pablo Picasso's Garçon à la Pipe, which sold for $104,168,000/ £58,052,830/ €85,949,017 at Sotheby's New York in May 2004.
Commenting on the price achieved for the Giacometti, Helena Newman, Vice Chairman of Sotheby's Impressionist & Modern Art department worldwide, said: "The price is a reflection of the extraordinary importance of this exceptionally rare work, and the only life-time cast of this iconic
subject ever to have come to auction."
Formerly part of the corporate collection of Dresdner Bank AG, the sculpture came into the possession of Commerzbank AG after the latter's takeover of Dresdner Bank in 2009. Commerzbank intends to use the sale proceeds to strengthen the resources of its new Foundation Centre, and also to provide funds to their partner museums for restoration work and educational programmes.

Published 03.02.2010