Picasso, Giacometti works set to challenge auction records

With collectors' appetite for masterpieces of impressionist, modern and contemporary art seemingly unbounded, two works are poised to challenge world auction records in the US today.
Picasso's 'Women of Algiers (Version O)' a vibrant, multi-hued painting featuring a scantily attired female amid smaller nudes, could sell for more than USD 140 million, becoming the most expensive work of art at auction, according to Christie's.
The evening sale also features Alberto Giacometti's life-size sculpture 'Pointing Man' for an estimated USD 130 million. That could earn it the title of most expensive sculpture sold at auction.
Experts say the once unthinkable prices are driven by artworks' investment value and by wealthy new and established collectors seeking out the very best works.

"I don't really see an end to it, unless interest rates drop sharply, which I don't see happening in the near future," Manhattan dealer Richard Feigen said.
Impressionist and modern artworks continue to corner the market because "they are beautiful, accessible and a proven value ... The works epitomize the conservative, moneyed establishment," added Sarah Lichtman, professor of design history and curatorial studies at The New School.

The Picasso and Giacometti are among two dozen blue chip pieces from the 20th century that Christie's is offering in a curated sale titled 'Looking Forward to the Past'.
'Women of Algiers' once owned by the American collectors Victor and Sally Ganz, was inspired by Picasso's fascination with the 19th-century French artist Eugene Delacroix. It is part of a 15-work series Picasso created in 1954-1955 designated with the letters A through O. It has appeared in several major museum retrospectives of the artist.

The most expensive art work sold at auction currently is held by Francis Bacon's 'Three Studies of Lucian Freud' which Christie's sold for USD 142.4 million in 2013.
'Pointing Man' depicting a skinny 5-foot-high bronze figure with extended arms, has been in the same private collection for 45 years.
Giacometti, who died in 1966, made six casts of the work; four are in museums, the others are in private hands and a foundation collection. His 'Walking Man I' holds the auction record for a sculpture. It sold in 2010 for USD 104.3 million.