Walking Man I by Giacomettti , a life-time cast, available

The Walking Man I by Alberto Giacometti or “ L’Homme qui marche” we have for sale in our investment portfolio is of course an unique artwork very sought after since only a couple are left in private hands. The fever to buy one of these last privately held sculptures increased with the sale in Sotheby’s in 2010 at a premium included hammer price of 104 Million $. ( see 1)

It was a cast of 6 sculptures, and according to Mrs.  Yoyo Maeght, who’s the daughter of Giacometti’s merchant # 6/6 was never casted which leaves the foundation the right to cast this 6/6 but will have to mention it is a postmortem cast.

Alberto Giacometti isn’t an easy artist to authenticate, it is even more difficult since there are casts of life-time, and casts post mortem.
The competition between the majors Christie’s and Sotheby’s makes it even more difficult. Indeed Mr. Philip Hook from Sotheby, mentioned after the sale of Walking Man in his auction for a record amount, that his Giacometti sold was the only one life-time cast ever sold in auction. ( see 2)

Christie’s claims that the Walking man sold in 1996 is a life-time work.

With proof of funds and letter of intent, the certificate of authenticity renewed in 2010 will be shown to potential buyer. This certificate shows that this cast is a life time cast. 

(1)  http://www.youtube.com/watch?v=YR6zNq-v7eI&feature=related

(2)In an article in: http://www.artandantiquesmag.com/2010/04/walking-into-history/

Sheila Gibson Stoodley relates following about Mr. Philip Hook :

Philip Hook, senior director of Impressionist and modern art for Sotheby’s in London, was not terrifically surprised that the Giacometti did so well; he describes the sculpture as “the 20th-century equivalent of Michelangelo’s David or Rodin’sThinker.” The bidders who pursued it believed they were seizing a once-in-a-lifetime chance. “One heard from more than one person who was interested in it,” says Hook, adding that many prospective buyers told him, “It’s the first time in 40 years there’s been an opportunity to buy such a Giacometti bronze, and I didn’t want to miss it.” Hook is referring to the fact that a lifetime cast of Walking Man I has never come to auction; Christie’s sold a posthumous cast in London in 1988 for £3.7 million ($6.8 million), but no others have come up. The pair of bidders who were left to do battle after the other aspirants dropped out drove the price of the 6-foot-tall sculpture to never-before-seen heights. Hook manned the victorious phone, but declines to say more, citing confidentiality. In late February reports emerged indicating that billionaire Lily Safra might have been the purchaser.

Short history of the Walking Man published by the NY Times 02-03-2010

As perhaps the most recognizable of all Giacometti sculptures, “Walking Man I” is itself a trophy piece. Not only is the form impressive, but so is the size. The sculpture was cast in an edition of six and four artist proofs, most of which are in museums or private collections, where they are considered likely to stay. “Walking Man I” was being sold by Dresdner Bank in Germany, which acquired it in 1980.

It had been commissioned — along with a group of others bronzes — by the architect Gordon Bunshaft for Chase Manhattan Plaza in downtown Manhattan, where it was to stand alongside Bunshaft’s 60-story glass-and-steel Chase headquarters. Although the installation was never realized, some of the sculptures — and others that Giacometti created as experiments for the project — were made; many, though, he destroyed.

Associated Press article

updated 2/3/2010 6:14:22 PM ET


LONDON — A life-size bronze sculpture of a man by Alberto Giacometti was sold Wednesday at a London auction for 65 million pounds ($104.3 million) — a world record for the most expensive work of art ever sold at auction, Sotheby’s auction house said.

It took just eight minutes of furious bidding for about ten bidders to reach the hammer price for “L’Homme Qui Marche I” (Walking Man I), which opened at 12 million pounds, Sotheby’s said.

The sculpture by the 20th century Swiss artist, considered an iconic Giacometti work as well as one of the most recognizable images of modern art, was sold to an anonymous bidder by telephone, the auction house said.

Sotheby’s had estimated the work would sell for between 12 to 18 million pounds.

The sale price trumped the $104.17 million paid at a 2004 New York auction for Pablo Picasso’s 1905 “Boy With a Pipe (The Young Apprentice).” That painting broke the record that Vincent Van Gogh had held since 1990, and its sale was the first time that the $100 million barrier was broken.

“It’s a phenomenal result ... I think the result pretty much reflects the depth of the market,” Helena Newman, a specialist of Impressionist and Modern art at Sotheby’s, told the BBC.

The price for the sculpture went up rapidly with keen interest from bidders calling in from Europe, Asia and the U.S., Newman said.

“L’Homme Qui Marche I,” a life-size sculpture of a thin and wiry human figure standing 72 inches (183 centimeters) tall , “represents the pinnacle of Giacometti’s experimentation with the human form” and is “both a humble image of an ordinary man, and a potent symbol of humanity,” Sotheby’s said.

The work was cast in 1961, in the artist’s mature period. It is rare because it was the only cast of the walking man made during Giacometti’s lifetime that has ever come to auction, Sotheby’s said. It was bought by Dresdner Bank in the early 1980s.

The last time a Giacometti of comparable size was offered at auction was 20 years ago. That sculpture was sold for $6.82 million, a record for Giacometti works at the time.

Gerard Van Weyenbergh

http://www.vwart.com