Latin American Auction Market: 2016-2019
- Analyst: Lindsay Dewar
- Pages: 42
- Access: Analyst Pro
This our first in-depth report on the Latin American Modern and Contemporary Art Auction market since 2017. This new report looks at this market in great details over the last 4 years, based on artworks sold at auctions at Sotheby’s, Christie’s and Phillips in London and New York. Over 3,800 lots and around 600 artists were analysed, across dedicated Latin American sales, Impressisonist and Modern evening sales and Post-War and Contemporary evening and day sales.
Latin American auction market on diverging paths
Last year, overall auction sales of Latin American modern and contemporary art fell 15.5%, however, the underlying picture is more complex.
Whilst Sotheby’s and Phillips saw a combined fall in sales of 22% last year, Christie’s increased their dedicated LatAm sales by 14.5%, from $30.9 million to $35.5 million. Latin America art sold through its other sales channels fell from $9.8 million in 2018 to $1.2 million in 2019.
Sotheby’s and Phillips decision to discontinue their dedicated twice-a-year Latin American sales in 2018, and instead include LatAm lots in Post-war & Contemporary Art (PWC) and Impressionist & Modern Art (IMPMOD) auctions – has left Christie’s as the only house with a true Latin American focus. The strategy has so far paid off and Christie’s took a 55% market share in the Latin American auction market last year.
With the Covid-19 crisis disrupting the global art market, 2020 will be a major test for the resilience of many regional markets. It is still to be seen what Christie’s is going to do with their May sale. It could go online or maybe Christie’s decide to follow the path of the other houses and include LatAm lots in other sales. Whatever the choice, it could be decisive for the short-to- medium term of this market.
ArtTactic also offers bespoke reports on all Latin American auction markets. For further information please contact us on info@arttactic.com.