LATIN AMERICAN ART TRIUMPHS AT AUCTION
The NY spring season has concluded with the major auctions of Contemporary and Modern art. While the sales have not been a disaster, most lots have sold either below or close to the low estimate, with some last-minute withdrawals. One year ago, the May sales already marked a clear recalibration of prices. Over the past 12 months, the market has continued its slowdown, and this week's sales have confirmed the trend. It is not a brusque fall or a crash, but a slow-motion downward spiral in prices, with very few but exciting surprises.

In fact, the winners of the season are Latin-American artworks, with the absolute triumph of Leonora Carrington. Her magnum opus, "Les Distractions de Dagobert," sold at Sotheby's Modern Evening auction for a hammer price of $24,500,000 ($28,485,000 with fees) after a long 10-minute battle between Argentinian businessman and collector Eduardo Constantini, bidding personally from his seat near the front of room, and a client bidding over the phone with the also Argentinian-born Alejandra Rosetti, SVP Head of Business Development for Sotheby's in Miami. The painting was hanging in the place of honor, right behind the auctioneer, demonstrating that Sotheby’s was aware of the importance of the piece.
Initially, other clients placed bids, but the competition soon narrowed down to the two primary bidders: Constantini and the telephone bidder with Rosetti. They drove the painting well over the high estimate of $18 million. When the price reached $20.8 million, a third competitor entered the field, probably an Asian client, as on the phone was Jen Hua, the house's deputy chairman for Asia and chairman for China. Reaching $24,500,000, the auctioneer, Oliver Barker, waited a few seconds giving them the opportunity to bid higher, then pronounced the usual fair warning, raised the gavel, and said, "The gentleman has waited long enough," Constantini was declared the winner while the room erupted in a cheerful applause.
And he certainly had waited a long time. As he declared shortly after, Constantini had been patiently waiting for 30 years, ever since he was the underbidder in 1995 at Sotheby’s, when the same painting sold for $475,500 (adjusted for inflation, that’s about $990,000 today). Today's seller was the buyer back then
This is a new record for Carrington, whose previous record was $3.3 million two years ago. It is also the second highest price for a Latin American artwork, following Frida Kahlo’s record of $34.9 million achieved in 2021 in the same Sotheby’s saleroom and bought by the same collector, Eduardo Constantini, founder of the Museo de Arte Latinoamericano de Buenos Aires (Malba).
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Leonora Carrington, Les Distractions de Dagobert (1945). Courtesy of Sotheby’s.
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Leonora Carrington, Les Distractions de Dagobert (1945). Courtesy of Sotheby’s.
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Sotheby's Modern Evening Auction. Photo courtesy of Sotheby's.
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Sotheby's Modern Evening Auction.
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Sotheby's Modern Evening Auction. Photo courtesy of Sotheby's.
But while this was the highlight, with Leonora Carrington now among the top five most valuable women artists at auction, this week has also seen the recognition of many other Latin American artworks. In the same Sotheby’s sale, another Carrington sold for $2,480,000, a Remedios Varo for $4,174,000 and Leonor Fini reached $444,500 over a $200,000 estimate. (All prices include fees)
The day before, Christie's opened the night with the Rosa de La Cruz sale, which achieved a solid 100% sold (the full sale was guaranteed) and established records for Ana Mendieta ($450,000 hammer for a 1983 floor sculpture 'Untitled, Serie mujer de arena / Sandwoman Series') and Felix Gonzalez-Torres, whose light string, 'Untitled (America #3)' 1992, attracted three bidders, and sold for $11.5 million hammer, just under the $12 million high estimate. The winner was the Pola Museum of Art in Hakone, Japan, in a bidding battle with what was possibly another Asian contender. The previous auction high for a Gonzalez-Torres was $7.7 million, set in 2015, according to the Artnet Price Database.
The Gonzalez-Torres installation was the top seller from the De la Cruz evening sale, and in a dramatic gesture, Christie’s dimmed the lights at the start of the bidding, adding glamour to the theater of sales.
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The Art Basel in Basel fair concluded on June 16th, signaling the near end of the market season before summer. Despite the June London auctions (featuring works from antiquity to contemporary art) this year’s London season is notably diminished.

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The Art Basel in Basel fair concluded on June 16th, signaling the near end of the market season before summer. Despite the June London auctions (featuring works from antiquity to contemporary art) this year’s London season is notably diminished.

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Leonora Carrington’s painting "Les Distractions de Dagobert" (1945), valued between $12 to $18 million, is generating considerable excitement as it heads to auction at Sotheby's this May. Having been in an American collection since 1995, its upcoming sale not only reflects the escalating market demand for Carrington's pieces but also underscores the rising interest in female Surrealist artists.
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Rosana Paulino. Amefricana is the most complete exhibition outside Brazil of this artist born in Sao Paulo in 1967. The exhibition at Malba brings together a group of works made during 30 years, between 1994 and 2024, from the perspective that the Atlantic inscribes in the Afro-descendant America.
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The curatorial team of the Toronto Biennial of Art (the Biennial/TBA) and its curatorial team of Dominique Fontaine and Miguel A. López announced the title, full artist list and venues for its third edition.
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The group exhibition Los gestos del trabajo (The Gestures of Work), curated by Clarisa Appendino and Benedetta Casini, at MUNTREF Centro de Arte Contemporáneo presents works that explore the relationship between bodies, technology and work.
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The Art Basel in Basel fair concluded on June 16th, signaling the near end of the market season before summer. Despite the June London auctions (featuring works from antiquity to contemporary art) this year’s London season is notably diminished.

It is with great enthusiasm that we announce the inauguration of a new section in our magazine, dedicated to the fascinating and dynamic art market. This section is designed to serve both experts and news collectors as well as enthusiasts who wish to enter, participate, and better understand this exciting world. The section benefits from the guidance and advice of María Sancho-Arroyo, an expert in the field.
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It is with great enthusiasm that we announce the inauguration of a new section in our magazine, dedicated to the fascinating and dynamic art market. This section is designed to serve both experts and news collectors as well as enthusiasts who wish to enter, participate, and better understand this exciting world. The section benefits from the guidance and advice of María Sancho-Arroyo, an expert in the field.

The art market stands out as a unique and enigmatic sector, notoriously difficult to measure and largely unregulated. Yet, it never fails to captivate the media, drawing attention with its dazzling multimillion-dollar sales and the alluring glamour of art collecting.
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The art market stands out as a unique and enigmatic sector, notoriously difficult to measure and largely unregulated. Yet, it never fails to captivate the media, drawing attention with its dazzling multimillion-dollar sales and the alluring glamour of art collecting.

Leonora Carrington’s painting "Les Distractions de Dagobert" (1945), valued between $12 to $18 million, is generating considerable excitement as it heads to auction at Sotheby's this May. Having been in an American collection since 1995, its upcoming sale not only reflects the escalating market demand for Carrington's pieces but also underscores the rising interest in female Surrealist artists.
LEONORA CARRINGTON'S BID FOR LATIN AMERICAN RECORD
Leonora Carrington’s painting "Les Distractions de Dagobert" (1945), valued between $12 to $18 million, is generating considerable excitement as it heads to auction at Sotheby's this May. Having been in an American collection since 1995, its upcoming sale not only reflects the escalating market demand for Carrington's pieces but also underscores the rising interest in female Surrealist artists.

Playing with closed eyes, 100 years of surrealism is an exhibition at RGR Gallery that invites visitors to review through a non-historicist approach of the movement. Curated by Gabriela Rangel and guest curator Verónica Rossi.
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Rosana Paulino. Amefricana is the most complete exhibition outside Brazil of this artist born in Sao Paulo in 1967. The exhibition at Malba brings together a group of works made during 30 years, between 1994 and 2024, from the perspective that the Atlantic inscribes in the Afro-descendant America.
AFFECTIVE POETICS: ROSANA PAULINO AT MALBA
Rosana Paulino. Amefricana is the most complete exhibition outside Brazil of this artist born in Sao Paulo in 1967. The exhibition at Malba brings together a group of works made during 30 years, between 1994 and 2024, from the perspective that the Atlantic inscribes in the Afro-descendant America.

The curatorial team of the Toronto Biennial of Art (the Biennial/TBA) and its curatorial team of Dominique Fontaine and Miguel A. López announced the title, full artist list and venues for its third edition.
TORONTO BIENNIAL OF ART: PRECARIOUS JOYS
The curatorial team of the Toronto Biennial of Art (the Biennial/TBA) and its curatorial team of Dominique Fontaine and Miguel A. López announced the title, full artist list and venues for its third edition.

The group exhibition Los gestos del trabajo (The Gestures of Work), curated by Clarisa Appendino and Benedetta Casini, at MUNTREF Centro de Arte Contemporáneo presents works that explore the relationship between bodies, technology and work.
THE GESTURES OF WORK
The group exhibition Los gestos del trabajo (The Gestures of Work), curated by Clarisa Appendino and Benedetta Casini, at MUNTREF Centro de Arte Contemporáneo presents works that explore the relationship between bodies, technology and work.

Last week's New York auctions, dubbed "Giga Week," saw art sales soar to an impressive $1.4 billion. This significant figure follows numerous sales at bustling art fairs over the past two weeks. While this amount represents a 22% decrease from the same week in 2023, and 55% less from 2022, auction houses performed admirably given the current challenging economic and political climate.
A BUYER’S MARKET: OPPORTUNITIES AMID UNCERTAINTY
Last week's New York auctions, dubbed "Giga Week," saw art sales soar to an impressive $1.4 billion. This significant figure follows numerous sales at bustling art fairs over the past two weeks. While this amount represents a 22% decrease from the same week in 2023, and 55% less from 2022, auction houses performed admirably given the current challenging economic and political climate.

The Institute for Studies on Latin American Art (ISLAA) presents the exhibition Threads to the South, curated by Anna Burckhardt Pérez. The group exhibition features works by over twenty artists from ten countries, including videos, photographs, paintings, works on paper, and textiles developed between 1967 and 2023.
BELONGING, IDENTITY AND TERRITORY: ISLAA’S GROUP EXHIBITION
The Institute for Studies on Latin American Art (ISLAA) presents the exhibition Threads to the South, curated by Anna Burckhardt Pérez. The group exhibition features works by over twenty artists from ten countries, including videos, photographs, paintings, works on paper, and textiles developed between 1967 and 2023.

Xican-a.o.x. Body in Pérez Art Museum Miami (PAMM) is the first major exhibition to showcase work by artists who foreground the body as a site of political agency and imagination, artistic investigation, decolonization, and alternative forms of community.
BODIES AND POLITICS: A GROUP EXHIBITION AT PAMM
Xican-a.o.x. Body in Pérez Art Museum Miami (PAMM) is the first major exhibition to showcase work by artists who foreground the body as a site of political agency and imagination, artistic investigation, decolonization, and alternative forms of community.

The Art Basel in Basel fair concluded on June 16th, signaling the near end of the market season before summer. Despite the June London auctions (featuring works from antiquity to contemporary art) this year’s London season is notably diminished.
ART BASEL IN BASEL 2024: A FAIR FOR EVERY BUDGET?
The Art Basel in Basel fair concluded on June 16th, signaling the near end of the market season before summer. Despite the June London auctions (featuring works from antiquity to contemporary art) this year’s London season is notably diminished.

It is with great enthusiasm that we announce the inauguration of a new section in our magazine, dedicated to the fascinating and dynamic art market. This section is designed to serve both experts and news collectors as well as enthusiasts who wish to enter, participate, and better understand this exciting world. The section benefits from the guidance and advice of María Sancho-Arroyo, an expert in the field.
ART MARKET: NEW SECTION AT ARTE AL DÍA
It is with great enthusiasm that we announce the inauguration of a new section in our magazine, dedicated to the fascinating and dynamic art market. This section is designed to serve both experts and news collectors as well as enthusiasts who wish to enter, participate, and better understand this exciting world. The section benefits from the guidance and advice of María Sancho-Arroyo, an expert in the field.

The art market stands out as a unique and enigmatic sector, notoriously difficult to measure and largely unregulated. Yet, it never fails to captivate the media, drawing attention with its dazzling multimillion-dollar sales and the alluring glamour of art collecting.
THE PRICE OF ART: BEYOND THE MILLION-DOLLAR HYPE
The art market stands out as a unique and enigmatic sector, notoriously difficult to measure and largely unregulated. Yet, it never fails to captivate the media, drawing attention with its dazzling multimillion-dollar sales and the alluring glamour of art collecting.