VOICED: No sale for Picasso, Giacometti at Sotheby's

The transcript discusses a Sotheby's auction in New York where high-value artworks, including a Picasso portrait and Giacometti's sculpture, failed to meet expected bids due to economic challenges. Despite spirited bidding, the art market is struggling, with fewer works for sale and lower prices. A press conference highlighted these issues, while a Christie's auction also faced similar challenges, with artworks being sold due to financial pressures from the Madoff scandal.

What challenges does the art world face according to the auction house?

What was the highest bid mentioned for the Picasso piece at Christie's?