We are delighted to announce strong results for Sotheby’s Latin American Art auctions held on May 26-27th. The sales realized a combined total of $19,832,875 with eight artists records broken. A highlight of the season was Latin America: The Legacy of Abstraction which was nearly 90% sold with 45% of lots achieving a price above their high estimate. As the first sale dedicated to this exciting category, Latin America: The Legacy of Abstraction celebrated the vibrant dialogue between Latin American artists engaged with European abstraction during the second half of the 20th century.
The bidding was global, with activity from collectors around the world, including those in Latin America, Mexico, the United States and Russia. In addition to this international participation, we saw bids from collectors that have characteristically collected in other categories such as Contemporary and Impressionist and Modern Art. Today’s collectors look for quality across the board and that was evident in our salesroom, with over 20% of buyers purchasing in the Latin American Art field for the first time.
Rufino Tamayo’s La familia led the Latin American Art Modern & Contemporary sale, reaffirming Sotheby’s dominance in the market for Mexican Modernism. This result follows Sotheby’s record-setting sale of the artist’s La ofrenda, for $4,197,000 million in November 2014. Latin American Art Modern & Contemporary also featured works from several important collections including Wifredo Lam, Les Oiseaux Voilés which realized $1,210,000.
Sotheby’s Latin American Art Department continues to invigorate the market. Beginning in November 2015, our strategy of offering the highest quality works at every price point will include two separate sales: Latin America: Modern Art and Latin America: Contemporary Art. We are confident that these new categories will continue to engage buyers with fresh and compelling opportunities, and achieved exceptional results for our consignors.
We would be happy to discuss our view of the current market or speak about any potential sale opportunities.
Senior Vice President
Head of Latin American Art