Two masterworks of art anchoring a major auction at Sotheby's -- Picasso painting and a Giacometti sculpture -- went unsold, as the spring auction season got off to a muted start.
Pablo Picasso's 1938 portrait of his daughter Maya, "The Daughter of the Artist at Two-and-a-half Years with a Boat," had been expected to fetch between 16 and 24 million dollars, but failed to reach the minimum bid of 12.5 million said Tobias Meyer, vice president of the auction house.
Alberto Giacometti sculpture "The Cat," finished in 1951 and considered one of the Swiss-born sculptor's finest works, failed to clear the threshold of slightly more than 14 million dollars sought by the seller.
Like the Picasso painting, "The Cat" had been expected to fetch between 16 and 24 million dollars.
The global financial crisis has put a damper on the high-flying art auction world, with fewer works being put up for sale compared to a year ago, and with prices expected to be lower across the board.
Another Picasso work, the 1971 painting "A Woman with a Hat" goes on sale Wednesday at rival auction house Christie's.
The painting, which comes from artist Julian Schnabel's collection, is estimated to be worth between six and eight million dollars.
A stuntman walks on a tightrope in China to break a world record. REUTERS/Stringer
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