Kelly Crow

Which brings us to Tuesday night and that packed auction room. The auctioneer started the bidding at $59 million.

Which brings us to Tuesday night and that packed auction room. The auctioneer started the bidding at $59 million.

Even without a bidder, the auctioneer began raising the price tag, bringing it all the way up to the reserve price, the minimum that the seller would accept.

Even without a bidder, the auctioneer began raising the price tag, bringing it all the way up to the reserve price, the minimum that the seller would accept.

Even without a bidder, the auctioneer began raising the price tag, bringing it all the way up to the reserve price, the minimum that the seller would accept.

No one stepped up to buy the most anticipated piece of the week. There wasn't a single bidder. The thing flopped. Sotheby's chief executive said that the auction house stands by the importance of the Giacometti piece. What this bust bust says about the art market, that's next.

No one stepped up to buy the most anticipated piece of the week. There wasn't a single bidder. The thing flopped. Sotheby's chief executive said that the auction house stands by the importance of the Giacometti piece. What this bust bust says about the art market, that's next.

No one stepped up to buy the most anticipated piece of the week. There wasn't a single bidder. The thing flopped. Sotheby's chief executive said that the auction house stands by the importance of the Giacometti piece. What this bust bust says about the art market, that's next.

What was your reaction in that moment when you realized this thing isn't going to sell?

What was your reaction in that moment when you realized this thing isn't going to sell?

What was your reaction in that moment when you realized this thing isn't going to sell?

Luxury markets like the art market can be a powerful economic indicator. In 2008, art collectors were nervous. This flop might be a sign that they're nervous again. A Sotheby's executive made the point that collectors might be concerned about the current political and economic turmoil.

Luxury markets like the art market can be a powerful economic indicator. In 2008, art collectors were nervous. This flop might be a sign that they're nervous again. A Sotheby's executive made the point that collectors might be concerned about the current political and economic turmoil.

Luxury markets like the art market can be a powerful economic indicator. In 2008, art collectors were nervous. This flop might be a sign that they're nervous again. A Sotheby's executive made the point that collectors might be concerned about the current political and economic turmoil.

Just a few months ago, it seemed like they were willing, at least for the right piece.

Just a few months ago, it seemed like they were willing, at least for the right piece.

Just a few months ago, it seemed like they were willing, at least for the right piece.

And that seemed to be a good sign for the art market at the time. People were definitely feeling spendy. Was that a red herring?

And that seemed to be a good sign for the art market at the time. People were definitely feeling spendy. Was that a red herring?

And that seemed to be a good sign for the art market at the time. People were definitely feeling spendy. Was that a red herring?