There were gasps, and a pall came over the entire salesroom.

What was meant to be the most expensive lot of New York’s bellwether spring auctions suddenly looked like a costly mistake.

Alberto Giacometti’s 1955 bust, “Grand tête mince (Grand tête de Diego),” carried a pre-sale estimate of over $70 million into Sotheby’s Modern evening auction on Tuesday. The artwork was being offered by the Soloviev Foundation, a nonprofit established by the real estate magnate Sheldon H. Solow, who died in 2020.

Despite an unsettled economy, the artwork came to the market without a minimum price guarantee from the auction house, which would have ensured the seller received a predetermined price, regardless of the outcome. Solow, auction experts said, had a history of not seeking guarantees, choosing to negotiate for a portion of the buyer’s fees instead. Last night that strategy proved fateful.

Oliver Barker, the evening’s auctioneer, began the bidding for the bust at $59 million. But his bids stalled at $64.25 million. Three minutes passed as he hunched low over the rostrum, hunting for bidders, Nosferatu-like, until announcing that the lot was a pass.

Several experts agreed that the artwork’s aggressive estimate was the original sin.

The artwork’s failure to sell was a body blow to Sotheby’s Modern sale. The textured Giacometti made up almost 30 percent of the auction’s presale low estimate of $240.3 million. The sale as a whole generated only $152 million after fees were stripped out.

Giacometti made six casts of “Grand tête mince” (“Big Thin Head”), modeled after his brother Diego, during his lifetime. Two of those casts were auctioned in the early 2010s, with the most recent selling at Sotheby’s in 2013 for just over $50 million, with fees. The seller was looking to achieve $70 million or more for its cast, which is the only painted version.