Giacometti ‘Head’ Estimated to Sell for $70 Million Fails to Find Buyer

The art market wasn’t head over heels for Alberto Giacometti, the Swiss-Italian sculptor whose spindly bronze bust of his younger brother Diego was expected to be the priciest piece of New York’s ongoing spring auctions. Instead, wary collectors at Sotheby’s on Tuesday were spooked by the house’s $70 million asking price for 1955’s “Large Thin Head”—and the work failed to sell at all. The sculpture’s defeat put a subdued damper on this week’s ongoing series of major art auctions in New York, and its failure to elicit even a single...