Sotheby's Auctions Giacometti Sculpture for Record $104 Million

CNBC has reported that a rare life-size bronze by Swiss sculptor Alberto Giacometti sold for a record price of $104 Million today . The sculpture, L’Homme Qui Marche I, was cast in 1960 and was sold by Germany's Commerzbank, which intends to donate the proceeds of the sale to charity.

Giacometti's work became the most expensive artwork ever sold at auction, going to an anonymous telephone bidder. The former most expensive piece of art sold at auction was Pablo Picasso's "Garcon a la pipe" at Sotheby's six years ago.

The six-foot-tall statue of a walking man was expected to sell for between $19.3 million and $28.9 million, but far surpassed those figures.