Latin American Auction Sales – November 2012
|Report Type||Auction Analysis|
Latin American auction sales total drop 24% from May 2012, but ends the year 25% higher than 2011.
The Latin American auction sales at Sotheby´s, Christies and Phillips de Pury raised a total of $36,503,800, 12% below the pre-sale estimates of $41,551,000 to $57,331,000. Although the final result was the same as November 2011, it fell 24% short of the auctions in May 2012. Despite the drop in sales in the second half of 2012, the total for the year was still the second highest since the peak of the market in 2008, and 25% higher than 2011.
The Top 10 prices accounted for a modest $9,405,000, or 25% of the overall sale. This was down from 34% in May 2012. The usual interest for works by Chilean artist Roberto Matta, Mexican artist Rufino Tamayo and Colombian artist Fernando Botero accounted for 36% of the top 10 prices across the three auction houses. The appetite for Kinetic art was strong with works by Jesús Rafael Soto, Carlos Cruz Diez; Julio LeParc and Gego finding domestic as well as international buyers.
Mexican art accounted for 28% of the overall sales value across the three auctions, up from 11% market share in May 2012. Modern Latin American art dominated the sales accounting for more than 90% of the total sales. Despite the recent attention on the Brazilian art market the recent round of Latin American sales did not reflect this, with Brazilian art accounting for only 12% of the sales total. The large majority of the contemporary Brazilian artists featured in Phillips de Pury’s sale with Hélio Oiticica and Lygia Pape among the most sought-after lots.