The Spring of Latin American Art in Sotheby’s & Christie’s

“Throughout the evening sale we saw results that were consistent with the estimates we set, with strong prices achieved for Rufino Tamayo, Fernando Botero, Wifredo Lam, Joaquín Torres-García and many others… it was wonderful to see a series of strong prices for the women who did so much to advance abstraction in Latin American painting. These were led by Carmen Herrera whose 1965 painting West was one of 19 records that were set in the sale.”

The evening sale was led by a number of strong prices for Rufino Tamayo, led by the $1,370,500 achieved by Madre divirtiendo a su hijo, de 1946. In addition, Mujer en éxtasis, de 1973, fetched $962,500, and Sandías, from 1941, made $602,500. Other highlights included Diego Rivera’s The Old Hamlet of Toledo, which fetched $992,500, and The Morphology of Desire, by Matta, which sold for $902,500.

The highlight of a sale dedicated to Colombian artist Fernando Botero was A Family, from 1972, one of a series of family scenes painted throughout Botero’s career, which sold for $1,398,500. The monumental sculpture Man on a Horse set a record for a bronze by the artist at auction when it sold for $1,172,500 after a contest involving three bidders, whilst the 1983 drawing Society Lady fetched $230,500 in the day sale, many multiples of the high estimate (est. $35/45,000).

Following a series of strong prices in recent auctions, the Cuban artist Wifredo Lam led the various-owner sale with Les Oiseaux Voilés, from 1945, which sold for $1,022,500. El Árbol De La Vida by Leonora Carrington sold to a telephone bidder for $578,500 (est. $500/700,000). Joaquín Torres-García’s 1920 painting Fourteenth Street was featured on the cover of the sale catalogue and sold for $362,500, comfortably in excess of its pre-sale high estimate (est. $150/200,000).

The auction also saw a number of strong prices for abstraction, with Estudio para Coloritmo Nº3 by Alejandro Otero selling for $554,500, and Jesús Rafael Soto’s Gran azul from1999 fetching $362,500. A 1965 Relief by Sergio Camargo exceeded its high estimate in selling for $842,500 after a competition between three bidders (est. $400/600,000), and In Mensa by Cildo Meireles from 1982, sold for multiples of the high estimate to sell for $518,500 – a new record for the artist (est. $80/120,000).

Among the highlights of the various-owner morning session was a series of strong prices for the women artists who pioneered Latin American abstraction. New records were set for the Cuban artist Carmen Herrera, when West from 1965 sold for $134,500, and Sarah Girlo, whose 1966 painting Nobody Ever… fetched $34,375. Other highlights included an Untitled Pedro Coronel painting which sold for $122,500, Antonio Seguí´s Bulldog In San Vincente which made $92,500, three times the high estimate, and the abstract sculpture Persistence In Time, by Agustín Cárdenas which brought $104,500.

On the other part, Christie’s Latin American Art Sale achieved a strong total of $22,571,450. The sale was sold 75% by lot, 79% by value and established an impressive 14 new world auction records. Virgilio Garza, Head of Latin American Paintings at Christie’s comments: “The market for Latin American art is strong, as proven in our successful sale held on Thursday and Friday. We are pleasantly surprised by the significant prices achieved for Latin American masters who have reaffirmed their status as pioneers of Modernism in the region, such as Mexican artist Miguel Covarrubias. Offering of Fruits for the Temple, 1932, is considered to be one of the artist’s great masterpieces and has been in a private collection until now”.

Christie’s established a new world auction record for the artist, realizing $1,022,500 — more than three times the high estimate of $300,000. The magnificent painting was inspired by one of the Mexican artist’s extended trips to Bali in the 1930s. Covarrubias’ pictorial ode to the idyllic beauty of the Balinese women shows a group of hers elegantly balance baskets of fruit on their heads, swathed in brightly colored sarongs.

South American artists performed exceedingly well as Ecuadorian artist Oswaldo Guayasamín’s Quito en rojo, realized $314,500; Colombian master Edgar Negret’s Mask realized $80,500 and Peruvian artist Fernando de Szyszlo’s Paclla Pampa (Campo Desolado), 1969, achieved $182,500 — all world auction records for the artists. Another significant world auction record was established a sculpture by the artist Rufino Tamayo, whose Figura sideral from 1990 realized $494,500.

Another new world auction records were achieved for the following artists: Julio Larraz’s Bingham at Noon was sold for $326,500; Ricardo Martínez’s Untitled for $146,500; and Julio Alpuy’s Paisaje constructivista de Montevideo, was sold for $110,500. Other artist with new records are: Ernesto Deira, Jorge Jiménez Deredia, Alipio Jaramillo, Edgar Negret, Miguel Rio Branco, Isabel de Obaldía, and Nicolás García Uriburu.