Giacometti chandelier bought for £250 later sold for £2.922m in 2023
Reported by Times of India, not nibnow. We are not the publisher of this story, only the source is.
An artwork bought for a nominal sum decades ago achieved a massive valuation after authentication, highlighting how overlooked pieces can yield significant financial returns when their provenance is verified.
A chandelier created by Alberto Giacometti sold for £2.922 million at a Christie's auction in February 2023. Originally purchased for £250 by British artist John Craxton in the 1960s, it remained in his family until his death. The chandelier was commissioned by art patron Peter Watson for the literary magazine Horizon, which published many famous authors. It underwent extensive authentication process before its auction, confirming its historical significance.
Alberto Giacometti was a renowned Swiss sculptor and painter known for his distinctive figurative style, making works associated with him highly sought after in the art market.
- •Further authentication or discovery of other works from the same collection
- •Market performance of similar mid-century modernist and sculptor pieces at major auction houses