[ToddLevin]

This is Todd Levin, who is quoted in the NYT article you have referenced. No one was willing to pay $64.25 million. That was just a chandelier bid by the auctioneer Ollie who was trying to get somebody up to open with a minimum bid of $70 million. The owner had established their reserve price at the low estimate, meaning that the low reserve of $70 million was also the lowest bid that the consigner was willing to accept as an opening bid. And if somebody bid $70 million at the hammer, they would still be responsible for the additional Sotheby's buyer's premium, and that buyers premium would've been a bit over $10 million, bringing the total paid for the Giacometti to $80 million at a minimum (had it sold). Since the previous sales that took place in 2013 in 2010 were $50 million and $53 million respectively, had this lot sold for $80 million all in, it would've sold for over 50% more than it had when it was successfully sold previously. I hope that math maths better for you with a complete explanation...

[abxyz]

Thank you for taking the time to visit here and share insight. Yes, that explains it. The missing pieces for me were 1) no knowledge of "chandelier bids" (I thought bids were bids) 2) the article says "without a minimum price guarantee" which I read to be describing the absence of a reserve. With knowledge of chandelier bids, and an understanding that there was a reserve, it all makes sense :)

[ToddLevin]

No worries, always glad to be of service if I can! I've worked in the art world (I have a private art advisory) for about 45 years now, and worked at Sotheby's for five years in the 1990s as well, so I know this territory extraordinarily up-close-and-personal from the inside out... :-)