Errata
Please note that due to an error, the reference to Sotheby's cover lot should read:"Sotheby's cover, Frida Kahlo's "Portrait of Cristina, my
sister" sold at US$1,500,000, ABOVE the published estimate of US$900,000/1,200,000" instead of BELOW the estimate at $850,000, as printed."
The Latin American sales this past season were an indication of the recovery that had been expected for quite some time. The top quality paintings sold at the estimated prices, and some above the estimates, most of the medium price works offered in the evening sales fared well. The problematic situation of Christie’s evening sale was that it included important pictures that could not leave México, which failed to sell, including a beautiful Frida Kahlo, Naturaleza muerta con perico y bandera. This explains clearly that, though much recovered from the season before last, the Mexican buyers are still cautious when buying important works that can not leave the nation.These works, no matter what the quality are much more difficult to sell and have at least 20% less value than the ones that can be exported.
The Mexican market is definitely on the road to recovery, as it was proven by the good prices fetched by works by Tamayo and Toledo. At Christie’s, the vibrant Madre feliz was very sought after and brought US$ 500,000. Also the gigantic Proyecto para el mural sur de la Ciudad Universitaria by Siqueiros, a work that could not leave México due to patrimony laws proved the exception to this rule of bidding restrain when it fetched US$ 240,000 and Sotheby’s important Tamayo, Serenata a la luna, from 1946, was snapped up for US$ 540,000. The Tamayo’s Vendedor de Sandías, did not stop this beautiful work from obtaining a big price at US$ 75,000, way above the high estimate (est. US$ 35,000 / US$ 45,000). Even difficult works by Tamayo, like Hombre rodeado de pájaros sold well at Sotheby’s for US$ 230,000 and his sculpture Sandías went for US$ 60,000. Toledo also fared well at the sales, his Camarones brought US$ 110,000 at Christie’s.
Christie’s did sell its cover lot, a colorful Torres-García, Construcción for US$ 400,000. The buyer was not Argentinian, which indicates that important pictures by major artists are still capturing the interest of international collectors. Sotheby’s cover, Frida Kahlo’s portrait of Cristina, my sister sold at US$ 850,000, below the published estimate of US$ 900,000 / US$ 1,200,000, but still a very high price for a painting that is not a self-portrait of the artist. Interest remains high for Ángel Zárraga, the Mexican modernist painter that has steadily reached higher prices in recent auctions, even defying the downturn of the market last season. At Sotheby’s, his L’orange coupée, clearly a work strongly influenced by Cézanne, sold at US$ 62,500, above the estimate of US$ 20,000 / US$ 30,000. The most surprising success of the season was undoubtedly Sotheby’s Jorge de la Vega’s Prueba de Nuevo which soared at US$ 300,000, no doubt this strong expressionist early work is coveted by Argentinian collectors, but such a strong price at a time of such difficulty for the Argentine economy is unprecedented, and clear proof that the Latin American market has always had a larger margin for unpredictability than other painting categories sold at auction. Another example of the capriciousness of this market was the important painting by Guillermo Kuitca that followed the Jorge de la Vega a few lots later, Vaga idea de una pasión, in all respects good example from one of his most coveted periods, went unsold, although it had been reasonably estimated at US$ 125,000 / US$ 175,000.
A welcome trend to the sales was the success of Botero pieces, selling well again, which had not been the case for the past few seasons. His comfortably rotund bronze sculpture, Reclining woman sold at Sotheby’s for US$ 190,000 while the colorful Florero, a paint...