How Latin American Art Entered Global Market

Colombia artist Pedro Ruiz was presented in arteaméricas, a Latin American art fair.

Latin American art, which has caught more and more attention over the past decade, has grown steadily in its popularity in 2011. This past November, Christie’s Latin American art auction reached a total of 20 million USD. The top lot, Fernando Botero’s bronze sculpture Dancers (2007), was sold for 1.76 million USD, a record for the artist’s sculpture. Sotheby’s Latin American art auction in the same week reached a total of 17 million USD. The top lot, Rufino Tamayo’s painting Watermelon Slices (1950), was sold for 2.2 million USD. Also in November, the forum “Latin American Art in Global Collections” held by the Art Dealers Association of America, again, showed growing interests in the area. Meanwhile, museums have been putting on exhibits of Latin American art. Such popularity did not come out of nowhere. Instead, traces could be seen from different aspects over the past decade.

Auction Houses
Sotheby’s launched its first Latin American art auction in 1979, followed by Christie’s in 1981. At the time, however, Latin American art was generally considered a small branch of modern art. The lots at both auction houses covered works created by both Latin American artists and foreign artists traveling to the continent from a period of 17th to 21st century. In other words, the sales were a mix of arts and crafts of all kinds. Not until 1999 did Christie’s gather a group of geometric abstract works that narrowed down their Latin American art auction into more specific art. Sales grew over the next few years. 2008 was especially good with the two auction houses reaching a total of 71.5 million USD. A decline happened in 2009, when the total was down to 42.68 million USD. Nevertheless, the fact that Phillips de Pury & Company launched a new theme series of Latin American art, including painting, sculpture, design, and photography, in the fall of 2009 still illustrated its potential.

More significantly, Sotheby’s held a single-artist sale “Fernando Botero: Celebration” in their 2011 Latin American art spring auction, which was the first of its kind since the Joaquín Torres-Garcia auction in 1992. The market value of Botero was thus established despite the merely satisfying results. Interestingly, the top three lots of the auction all went to Asian collectors. They were Family (1972), a painting sold for 1.4 million USD, A Man on a Horse (1992), a bronze sculpture sold for more than 1.17 million USD, and Nude (1983), a painting sold for 0.63 million USD.

A few auction records for artists remain on the market right now include Frida Kahlo’s Root, sold for 5.6 million USD, Diego Rivera’s Baile en Tehuantepec, sold for 3.1 million USD, and Rufino Tamayo’s Trovador, sold for 7.2 million USD.

Art Fairs
Art Basel, one of the most prestigious art fairs, expanded to Miami in 2002. Being close to American collectors and having nice weather in the winter were certainly reasons why Miami was chosen. More importantly, however, was its accessibility to Latin America. “It was one of the founding principles to have access to the Latin American market, and to develop it in the process,” said Art Basel’s co-director Marc Spiegler, who called Miami “nexus for the Latin American elite.” Latin American art, in fact, did grow at the art fair in the past few years. Twenty-six Latin American galleries and hundreds of Latin American collectors participated in the fair in 2011, where both the exhibits and the forums were filled with Latin American flavor.

Also located in Miami is the Latin American art fair “arteaméricas” held every year in March. Founded in 2003, arteaméricas is one of the earliest and largest Latin American art fairs in the US. More than fifty galleries attended the fair last year. Just as Art Basel Miami, arteaméricas has developed various theme exhibits and forums to increase people’s understanding towards Latin American art.

The founding of PINTA, an art fair that focuses on modern and contemporary Latin American art, also reflects the need among European and American collectors. Getting into its fifth edition, PINTA is held every June and November respectively in London and New York. Participating galleries come from all over Europe, the US, and Latin America. Despite the short history of the fair, the artists presented include modern masters, such as Botero, Tamayo, and Wifredo Lam, significant movements, such as geometric abstraction and conceptual art, and young contemporary artists. Whether viewing from the perspective of art promotion or market need, the founding of these art fairs demonstrates the rise of Latin American art.


Latin American Collectors
Speaking of the rise of regional art, one important factor is the support of local collectors. With the economic growth, Latin American collectors have been increasing their collection and widening their scope. According to experts, Latin American collectors used to collect only works from their own country. Mary-Ann Martin, who set up the first Sotheby’s Latin American art auction, even once said, “At the beginning, I could look across the auction room and see which lots would go where.” Gladly, dealers of Latin American art have seen a change recently. Collectors, especially those from Venezuela, Uruguay, Argentina, and Brazil, are looking beyond nationality. While the older generation is still in favor of the masters of the 20th century, young collectors are more interested in the diversity of contemporary art.

Other than economic growth, globalization also contributes to the rise and transformation of Latin American art collecting. In the age of global traveling, collectors have access to more variety of art than ever, which develops a diversified taste in them. On the other hand, Latin American art itself comes out of a diversified culture. Being able to attract collectors of different tastes is, thus, not surprising.


Museums
Needless to say, the value of an artwork is judged not only by its market price, but also by the affirmation from the academia. Museums have been putting on Latin American art exhibitions over the past few years. Among them was “Inverted Utopias: Avant-Garde Art in Latin America” held in 2004 by the Museum of Fine Art, Houston, one of the foremost museums in promoting Latin American art. Exhibiting works from the 1920s to the 1930s and from the 1960s to the 1970s, it aimed to break the stereotype people had towards Latin American art. In 2007, the museum collected a group of Brazil Constructivist artworks and put on an exhibition “Dimensions of Constructive Art in Brazil” to illustrate how the movement interacted with Europe and the US in the same period. Geometric abstract paintings, drawings, posters, and graphics of post-war Brazil, an important period of Brazil’s modernization, were exhibited in the show. Great masters certainly are not absent from museums. Now through May 2012, the MoMA puts on an exhibition of Diego Rivera’s portable murals, which he created for the MoMA in 1931. Both English and Spanish are presented in the wall texts, which show the museum’s effort to widen their audience.


Diversified Presentation
Latin America covers an area of more than twenty countries, with two languages and hundreds of dialects. Its cultural diversity brings a unique environment for creating art. Both the academia and the market have seen the significance of Latin American art in a global art conversation over the past decade, which definitely contributes to the rise and growth of Latin American art.


（Originally published in《ART TAIPEI FORUM media》Vol.12, January 2012）