News Item: 00098

3rd Feb 2010

World record for most expensive work of art ever sold at auction

Source: http://www.sothebys.com

The life-size sculpture 'Walking Man I' or 'L'Homme qui marche I', by Alberto Giacometti, was sold at Sotheby's auction rooms in London, Wednesday 3rd February 2010. The life-size bronze sculpture of a man by Alberto Giacometti was sold at the London auction for £65,001,250 (US$104,327,006).

Sotheby's says the sale set a world record for the most expensive work of art ever sold at auction. Melanie Clore, Co-Chairman, Impressionist & Modern Art, Sotheby's Worldwide, commented: "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."

Commenting on the price achieved for the Giacometti, Helena Newman, Vice Chairman of Sotheby's Impressionist & Modern Art department worldwide, is reported to have 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 apparently 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.