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Giacometti Breaks Record Auction Price

Alberto's Giacometti's 1960 sculpture, "Walking Man I," has shattered the world record for a work of art at auction, selling to an unidentified telephone bidder for a total of $104.3 million with fees. The previous record was held by Pablo Picasso's 1906 "Boy With a Pipe," which sold for $104.2 million in a Sotheby's auction six years ago. The steep run-up in bidding for the six-foot-tall Giacometti on Wednesday was likely aided by two factors: the work's large size and the artist's popularity among international buyers. The steep pricetag may signal a resurgence in the art market.