SOTHEBY'S TO SELL MONUMENTAL GIACOMETTI SCULPTURE

SOTHEBY'S, LONDON, HAS RECENTLY ANNOUNCED THAT AN IMPORTANT, MONUMENTAL ALBERTO GIACOMETTI SCULPTURE, L'HOMME QUI MARCHE I, WILL BE OFFERED AS PART OF ITS EVENING SALE OF IMPRESSIONIST AND MODERN ART ON 3.FEBRUARY. THE WORK, CAST IN 1961, IS THE LARGEST GIACOMETTI 'WALKING MAN' TO HIT THE AUCTION BLOCK IN MORE THAN 20 YEARS, AND THE FIRST LIFE-TIME CAST OF THE SUBJECT EVER TO BE OFFERED AT AUCTION. IT IS ESTIMATED TO SELL FOR £12–18 MILLION ($19–29 MILLION). THE SCULPTURE ORIGINATED AS PART OF A PUBLIC PROJECT THE ARTIST WAS COMMISSIONED TO DO FOR THE CHASE MANHATTAN PLAZA IN NEW YORK. THE PROJECT WAS CONCEIVED AS THE FIRST MODERNIST OUTDOOR PROJECT IN THE FINANCIAL DISTRICT, AND GIACOMETTI WAS CHOSEN OVER ALEXANDER CALDER AND ISAMU NOGUCHI. GIACOMETTI EXECUTED SEVERAL FIGURES FOR THE PROJECT BEFORE HE DECIDED IT WOULD TAKE TOO LONG TO COMPLETE AND ABANDONED IT. THE WALKING MAN WENT ON TO BECOME AN ICONIC FIGURE FOR HIM, THOUGH, AND HE CREATED SEVERAL VERSIONS, ONE OF WHICH WAS SHOWN AT THE VENICE BIENNALE IN 1962. THE SCULPTURE COMES FROM THE CORPORATE COLLECTION OF GERMANY'S COMMERZBANK, WHICH ACQUIRED IT IN ITS TAKEOVER OF DRESDNER BANK IN 2009. DRESDNER BANK ACQUIRED IT AROUND 1980. A HUNDRED OR SO ADDITIONAL WORKS FROM THE DRESDNER BANK COLLECTION WILL BE PERMANENTLY LOANED TO MUSEUMS IN FRANKFURT, DRESDEN, AND BERLIN. LAST NOVEMBER, ANOTHER GIACOMETTI CAME TO MARKET, AT SOTHEBY'S NEW YORK. L'HOMME QUI CHAVIRE (FALLING MAN), CONCEIVED IN 1950 AND CAST 1951, WAS THE IMPRESSIONIST AND MODERN ART EVENING SALE'S TOP LOT, ATTRACTING SEVERAL ENTHUSIASTIC BIDDERS AND ULTIMATELY SELLING FOR $19,346,500, SOARING PST PRE-SALES ESTIMATES OF $8-12 MILLION. IT WAS THE ONLY CAST IN THE EDITION HAND-PAINTED BY GIACOMETTI. L'HOMME QUI MARCHE I WILL BE ON VIEW AT SOTHEBY'S NEW YORK GALLERIES 20-22.JANUARY.