Latin American Auction Analysis- June 2014
|Report Type||Auction Analysis|
Phillips gains market share in the Latin American art market.
The Latin American art auction sales in New York totalled $34,237,600 between Sotheby’s, Christie’s and Phillip’s. This result was just 3.8% below the pre-sale low estimate of $35,592,000 and 4.5% below the total sales in November 2013.
Christie’s achieved a sales total of $14,340,000, falling short of the pre-sale estimate of $15,196,000 to $21,415,000. Christie’s sales trend has been negative in the last two seasons, down from $14.8 million in November 2013 and $17.4 million in May 2013. Christie’s market share this season was 41.9%, down from 46.6% in May 2013. Conversely, Phillips Latin American sales are slowly gaining a foothold in the market, and although their market share was only 13.5% this season, it was up from 11.4% from 12 months ago. The auction house has managed to carve out a niche, by focusing on sourcing high quality art works and cutting edge contemporary material.