Giacometti sculpture sells for record $104M

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By Michael Winter, USA TODAY

Updated

There's no recession in the art world. A life-size bronze sculpture by Alberto Giacometti went for a world record $104 million, Sotheby's auction house says. It's the most ever paid for art at auction.

The piece, "L'Homme Qui Marche I" ("Walking Man I"), was one of six by the Swiss artist and was cast in 1961.

The seller? The Germany-based Commerzbank, which acquired it a year ago when it bought Dresdner Bank and its art collection, Business Week writes.

Sotheby's said the piece was sold to an anonymous bidder by telephone. Bidding opened at 12 million pounds, roughly $ 24 million.

(Posted by Michael Winter)

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About Michael Winter

Michael Winter has been a daily contributor to On Deadline since its debut in January 2006. His journalism career began in the prehistoric Ink Era, and he was an early adapter at the dawn of the Digital Age. His varied experience includes editing at the San Jose Mercury News and The Philadelphia Inquirer.