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Latin American Auction Analysis- June 2014

No. Pages6
ResearchersAnders Petterson, Francesca Bellini Joseph
Report TypeAuction Analysis
MembershipAnalyst

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.