Master Price!

Alberto Giacometti’s “Walking Man 1” sculpture has smashed global auction records by selling for the equivalent of $104.4m at Sotheby’s auction house in London last night.

Alberto Giacometti’s "Walking Man 1" sculpture has smashed global auction records by selling for the equivalent of $104.4m at Sotheby’s auction house in London last night. "In a tense contest at the company's London salesroom, bidding on the spindly bronze ‘Walking Man I’ began at £12 million and quickly escalated, with roughly 10 bidders vying for the sculpture. The winner bid over the telephone and chose to remain anonymous. The sale breaks the previous $104.2 million auction record, set six years ago at Sotheby's, for Pablo Picasso's 1906 portrait ‘Boy With a Pipe,’ whose buyer remains unknown. The lofty price for the Giacometti work came as a surprise to Sotheby's, which had expected the sculpture to sell for around one-fourth of the final price. David Nahmad, a Monte Carlo-based art dealer who vied unsuccessfully for the Giacometti sculpture, said the sale shows that after a weak year, the wealthy are once again ‘parking their cash in art.’ The six-foot-tall bronze depicts a wiry man in mid-stride, his right foot jutting forward, his head erect and his arms hanging at his side."

Related Articles
Playlists
Keep reading Show less

Five foods that increase your psychological well-being

These five main food groups are important for your brain's health and likely to boost the production of feel-good chemicals.

Mind & Brain

We all know eating “healthy” food is good for our physical health and can decrease our risk of developing diabetes, cancer, obesity and heart disease. What is not as well known is that eating healthy food is also good for our mental health and can decrease our risk of depression and anxiety.

Keep reading Show less

For the 99%, the lines are getting blurry

Infographics show the classes and anxieties in the supposedly classless U.S. economy.

What is the middle class now, anyway? (JEWEL SAMAD/AFP/Getty Images)
Politics & Current Affairs

For those of us who follow politics, we’re used to commentators referring to the President’s low approval rating as a surprise given the U.S.'s “booming” economy. This seeming disconnect, however, should really prompt us to reconsider the measurements by which we assess the health of an economy. With a robust U.S. stock market and GDP and low unemployment figures, it’s easy to see why some think all is well. But looking at real U.S. wages, which have remained stagnant—and have, thus, in effect gone down given rising costs from inflation—a very different picture emerges. For the 1%, the economy is booming. For the rest of us, it’s hard to even know where we stand. A recent study by Porch (a home-improvement company) of blue-collar vs. white-collar workers shows how traditional categories are becoming less distinct—the study references "new-collar" workers, who require technical certifications but not college degrees. And a set of recent infographics from CreditLoan capturing the thoughts of America’s middle class as defined by the Pew Research Center shows how confused we are.

Keep reading Show less