Giacometti's sculpture sells for a record-breaking $104.3 million

Last week’s record-breaking sale of Alberto Giacometti’s “L’Homme qui marche I” (Walking Man I) provoked many questions concerning the relationship between money and art and how it does or does not affect the perceived importance of artists in relation to one another.

On Wednesday, February 3, Giacometti’s sculpture was purchased for $104.3 million (with fees) by an anonymous bidder at Sotheby’s in London. Previously, Pablo Picasso’s "Garçon à la Pipe" (Boy with a Pipe), was the record holder, having been auctioned for $104.1 million in 2004.

When a work of art is purchased at such an astonishing price, it is understandable that there will be new considerations regarding the work’s and the artist’s importance to the development and theories of art. Many sources are discussing whether or not Giacometti has been elevated to the position of the most important artist of the 21st century or if, like the price of his work of art, he has at least surpassed Picasso in importance.

In response to these musings, the Telegraph reminds readers that it is important not to confuse monetary value with aesthetic worth.

Another interesting facet of this sale brought up in the Telegraph is the fact that “L’Homme qui marche I” is part of a series of six sculptures. One might expect that a collector willing to fork over $104.3 million for a work of art would prefer to purchase something unique rather than a sculpture with several very similar companions.

Overall, this record sale encourages members of the art community to take into consideration the power of the art market and its influence on shaping the discourse of and opinions on artistic merit and significance.

For more information about the sale of “L’Homme qui marche I” check out articles at CNN and the New York Times.