Giacometti, the new Picasso

Art Market Insight reported that on February 3rd, Sotheby's London's evening sale was a time for a new world record. L'Homme qui marche I, Alberto GIACOMETTI's human-size bronze was auctioned £58M (£65M premium included), for a £12M-18M estimate, and is now the most expensive artwork ever auctioned.

Giacometti has superseded Pablo Picasso's Garçon à la Pipe that sold for $93M (£51.8M) on 5 May 2004 at Sotheby's. Giacometti has exceeded his own 2009 total sales revenue with one single auction record.

This sale's global revenue is Sotheby's London's most profitable sale (£146.8M premiums included) and points out to the art market revitalizing in 2010 after a 1 and a half-year crisis.