Picasso, Giacometti works fetch $7.7 million each

The 1971 Picasso painting "Woman with Hat" was consigned by film director Julian Schnabel to help finance a real estate project. It shows a female figure with a face reminiscent of the artist. It sold last night for $7.7 million, just below its pre-sale estimate.

A Giacometti sculpture from the estate of Caral Gimbel Lebworth of Gimbels department store fame also sold for $7.7 million, above its pre-sale estimate. The bronze "Bust of Diego" features the artist's brother.

The uncertain economic climate has softened parts of the art auction market. But the Christie's auction house says Wednesday's sale shows collectors remain hungry for high-quality works that are finely presented.